Development (United Kingdom Government) Loan Act, 1960

This section gives the Act its short title: the Development (United Kingdom Government) Loan Act.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 24 of 1960
Version: 31 Dec 1996
Language: en
Official source: View official record ↗

citation definitions fund allocation government borrowing loan repayment loan terms public finance short title

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This section gives the Act its short title: the Development (United Kingdom Government) Loan Act. This section defines “the Capital Fund” and “the Capital Fund Estimates” for the Act, subject to context. The President may borrow money up to an aggregate limit of ten million pounds sterling, through loans made by a Secretary of State with Treasury approval. Borrowed money may be used only for approved Capital Fund Estimate purposes, and not for any other purpose. Loans raised under this Act, and their interest, must be repaid in equal annual instalments so that repayment is completed within the granted period.

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Provisions of Development (United Kingdom Government) Loan Act, 1960

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1
Short title ........................................................................................................................................................................................................... 1
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This section gives the Act its short title: the Development (United Kingdom Government) Loan Act.

1. Short title This Act may be cited as the Development (United Kingdom Government) Loan Act.
2
Interpretation .................................................................................................................................................................................................... 1
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This section defines “the Capital Fund” and “the Capital Fund Estimates” for the Act, subject to context.

2. Interpretation In this Act, unless the context otherwise requires— "the Capital Fund" means the Fund established in accordance with a motion adopted by the Legislative Council of the former Protectorate of Northern Rhodesia on the 19th July, 1955; "the Capital Fund Estimates" means those estimates of expenditure from the Capital Fund which are approved speciﬁcally by the National Assembly from time to time by motion. [As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965]
3
Authority to raise loans ................................................................................................................................................................................ 1
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The President may borrow money up to an aggregate limit of ten million pounds sterling, through loans made by a Secretary of State with Treasury approval.

3. Authority to raise loans (1) The President is hereby authorised to borrow from time to time an amount or amounts not exceeding in the aggregate ten million pounds sterling, by means of a loan or loans made by one of Her Britannic Majesty's Secretaries of State with the approval of Her Britannic Majesty's Treasury in accordance with section 2 of the Colonial Development and Welfare Act, 1959 (hereinafter referred to as "the Act"). (2) Any loans made under subsection (1) shall be on such terms as may be ﬁxed from time to time by one of Her Britannic Majesty's Secretaries of State with the approval of Her Britannic Majesty's Treasury. [As amended by S.I. No. 159 of 1965]
4
Application of money borrowed ................................................................................................................................................................ 1
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Borrowed money may be used only for approved Capital Fund Estimate purposes, and not for any other purpose.

4. Application of money borrowed All moneys borrowed under the provisions of this Act shall be appropriated and applied to any of those purposes of the Capital Fund Estimates which may, in accordance with the provisions of the Act, be approved by one of Her Brittanic Majesty's Secretaries of State and the National Assembly from time to time and to no other purpose. [As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965] By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 Development (United Kingdom Government) Loan Act, 1960 (Chapter 373) Zambia
5
Repayment of money borrowed ................................................................................................................................................................ 2
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Loans raised under this Act, and their interest, must be repaid in equal annual instalments so that repayment is completed within the granted period.

5. Repayment of money borrowed Any loan raised under the provisions of this Act, together with the interest payable on such loan, shall be repaid by equal annual instalments of capital and interest so that such loan shall be repaid within the period for which the same was granted.
6
Charge on revenues and assets ................................................................................................................................................................. 2
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Borrowed principal money and interest are charged on, and payable from, the Republic’s general revenues and assets.

6. Charge on revenues and assets All principal moneys borrowed under the provisions of this Act, together with all interest payable thereon, are hereby charged upon and shall be payable out of the general revenues and assets of the Republic. [As amended by S.I. No. 159 of 1965] By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

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Development (United Kingdom Government) Loan Act, 1960

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