Zambia Act or statute

Zambia legislation

Development (United Kingdom Government) Loan Act, 1960

citationdefinitionsfund allocationgovernment borrowingloan repaymentloan termspublic financeshort title

Jurisdiction: Zambia
Structure: 6 provisions
Citation: Act 24 of 1960
Dates: Source version 31 Dec 1996

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Dates: Source version 31 Dec 1996

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

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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Short title ........................................................................................................................................................................................................... 1

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

Section 1

Interpretation .................................................................................................................................................................................................... 1

This section defines “the Capital Fund” and “the Capital Fund Estimates” for the Act, subject to context.

Section 2

Application of money borrowed ................................................................................................................................................................ 1

Borrowed money may be used only for approved Capital Fund Estimate purposes, and not for any other purpose.

Section 4

Repayment of money borrowed ................................................................................................................................................................ 2

Loans raised under this Act, and their interest, must be repaid in equal annual instalments so that repayment is completed within the granted period.

Section 5

Charge on revenues and assets ................................................................................................................................................................. 2

Borrowed principal money and interest are charged on, and payable from, the Republic’s general revenues and assets.

Section 6

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Source record from zambialii.org · Source version 31 Dec 1996

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Showing 6 of 6 provisions

Amendment 4Short titleProvision

§ 1Short title ........................................................................................................................................................................................................... 1Short title

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.

Section 1Verify source

§ 2Interpretation .................................................................................................................................................................................................... 1Amendment

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]

Section 2Verify source

§ 3Authority to raise loans ................................................................................................................................................................................ 1Amendment

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]

Section 3Verify source

§ 4Application of money borrowed ................................................................................................................................................................ 1Amendment

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

Section 4Verify source

§ 5Repayment of money borrowed ................................................................................................................................................................ 2Provision

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.

Section 5Verify source

§ 6Charge on revenues and assets ................................................................................................................................................................. 2Amendment

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

Section 6Verify source

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1 referenced instrument

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1 instrument

Her Britannic Majesty's Treasury in accordance with section 2 of the Colonial Development and Welfare Act, 1959
Section 3

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31 Dec 1996 · currentEnglish

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