Zambia Act or statute

Zambia legislation

General Loans (Guarantee) Act, 1964

borrowingcorporate obligationsdefinitionsloan guaranteesloan userepayment obligations

Jurisdiction: Zambia
Structure: 6 provisions
Citation: Act 51 of 1964
Dates: Source version 31 Dec 1996

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Dates: Source version 31 Dec 1996

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“This provision gives the Act its short title: the General Loans (Guarantee) Act.”

This provision gives the Act its short title: the General Loans (Guarantee) Act. This section defines “agreement,” “corporation,” and “World Bank” for use in the Act. The Minister may guarantee a corporation’s obligations under an agreement and may authorize a person to sign or execute the guarantee in writing. A corporation must use any World Bank loan for the purposes set out in the agreement. The Minister, or an authorised officer in his ministry, must repay certain guarantee-related sums to Her Majesty’s Treasury in the United Kingdom, with interest at rates fixed by that Treasury in consultation with the Minister.

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

This provision gives the Act its short title: the General Loans (Guarantee) Act.

Section 1

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

This section defines “agreement,” “corporation,” and “World Bank” for use in the Act.

Section 2

Application of borrowing of corporation ................................................................................................................................................ 2

A corporation must use any World Bank loan for the purposes set out in the agreement.

Section 4

Repayment of sums paid by United Kingdom under guarantee .................................................................................................... 2

The Minister, or an authorised officer in his ministry, must repay certain guarantee-related sums to Her Majesty’s Treasury in the United Kingdom, with interest at rates fixed by that Treasury in consultation with the Minister.

Section 5

Implementation of agreements ................................................................................................................................................................. 2

The President may take necessary actions to give full effect to a guarantee and to carry out the Minister’s obligations under section 3(1).

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

Provision 4Short titleInterpretation

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

This provision gives the Act its short title: the General Loans (Guarantee) Act.

1. Short title This Act may be cited as the General Loans (Guarantee) Act.

Section 1Verify source

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

This section defines “agreement,” “corporation,” and “World Bank” for use in the Act.

2. Interpretation In this Act, unless the context otherwise requires— "agreement" means an agreement made between a corporation and— (a) a government or any division or department of a government; or (b) the World Bank or, (c) the Commonwealth Development Corporation; or (d) any other body or organisation outside Zambia; "corporation" means— (a) the Central African Airways Corporation; (b) the Central African Power Corporation; (c) the Rhodesia Railways; (d) the Central Electricity Corporation Limited; (e) any body incorporated directly by an enactment of Parliament; "World Bank" means the International Bank for Reconstruction and Development.

Section 2Verify source

§ 3Guarantee of obligations of corporation ................................................................................................................................................ 1Provision

The Minister may guarantee a corporation’s obligations under an agreement and may authorize a person to sign or execute the guarantee in writing.

3. Guarantee of obligations of corporation (1) The Minister may, on such terms and conditions as he thinks ﬁt— (a) guarantee in whole or in part the discharge by a corporation of its obligations under any agreement; and By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 General Loans (Guarantee) Act, 1964 (Chapter 358) Zambia (b) undertake such other obligations as he may deem necessary or expedient in relation to or pursuant to any agreement; and may give written authority to any person to sign and execute any such guarantee or undertaking as his representative. (2) Without derogation from the generality of the powers conferred by subsection (1), a guarantee given under that subsection in respect of any loan made to a corporation by the World Bank may include a clause substantially in the form set out in the Schedule and, on the effectiveness of such guarantee, such clause shall have full force and effect in Zambia. (3) Any sum required for fulﬁlling any guarantee given under subsection (1) is hereby charged on, and shall be paid by the Minister or such ofﬁcer in his Ministry as he may authorise thereto out of the general revenues and assets of the Republic, which are hereby appropriated to the purpose, and any sum received by way of repayment of any sum so paid shall be paid into the general revenues of the Republic. (4) As soon as possible after any guarantee is given under subsection (1), the Minister shall lay a statement thereof before the National Assembly. (5) If any sum has been paid out of the general revenues and assets of the Republic under subsection (3), the Minister shall, as soon as possible after the end of each ﬁnancial year of the corporation concerned, beginning with that in which the sum was paid and ending with that in which all liability in respect of that sum and any interest payable thereon is ﬁnally discharged, lay before the National Assembly a statement relating thereto.

Section 3Verify source

§ 4Application of borrowing of corporation ................................................................................................................................................ 2Provision

A corporation must use any World Bank loan for the purposes set out in the agreement.

4. Application of borrowing of corporation Any loan made by the World Bank to a corporation in terms of an agreement shall be applied by the corporation to the purposes speciﬁed in that agreement: Provided that any part of the loan which cannot be so applied shall be applied only to such other purposes as may be approved by the Government of the United Kingdom, the Government of Zambia and the World Bank.

Section 4Verify source

§ 5Repayment of sums paid by United Kingdom under guarantee .................................................................................................... 2Provision

5. Repayment of sums paid by United Kingdom under guarantee Any sums issued out of the Consolidated Fund of the United Kingdom on account of any guarantee given by Her Majesty's Treasury in the United Kingdom in respect of any loan made to a corporation by the World Bank shall, to the extent of any guarantee given by the Minister in respect of that loan in terms of subsection (1) of section three, be repaid to Her Majesty's Treasury in the United Kingdom by the Minister or such ofﬁcer in his Ministry as he may authorise thereto out of the general revenues and assets of the Republic, which are hereby appropriated to the purpose, with interest thereon at such rates as Her Majesty's Treasury in the United Kingdom, in consultation with the Minister, may ﬁx.

Section 5Verify source

§ 6Implementation of agreements ................................................................................................................................................................. 2Provision

The President may take necessary actions to give full effect to a guarantee and to carry out the Minister’s obligations under section 3(1).

6. Implementation of agreements Notwithstanding anything contained in any written law, the President may exercise all such powers and authorities and do or cause to be done all such things as appear to him to be necessary for giving full and complete effect to any guarantee given, and for the carrying out of any obligations undertaken by the Minister under subsection (1) of section three. Schedule (Section 3) Form of guarantee in relation to loans by the World Bank It is the mutual intention of Zambia and the Bank that no other external debt shall enjoy any priority over the Loan by way of alien on governmental assets. To that end, Zambia undertakes that, except as the Bank shall By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2 General Loans (Guarantee) Act, 1964 (Chapter 358) Zambia otherwise agree, if any lien shall be created on any assets of Zambia as security for any external debt, such lien will ipso facto equally and rateably secure the payment of one-half of the principal of, and one-half of the interest and other charges on, the Loan and the Bonds, and that in the creation of any such lien express provisions will be made to that effect; provided, however, that the foregoing provisions of this Schedule shall not apply to: (i) any lien created on property, at the time of purchase thereof, solely as security for the payment of the purchase price of such property; (ii) any lien on commercial goods to secure a debt maturing not more than one year after the date on which it is originally incurred and to be paid out of the proceeds of sale of such commercial goods; or (iii) any lien arising in the ordinary course of banking transactions and securing a debt maturing not more than one year after its date. The term "assets of Zambia" as used in this Schedule includes assets of Zambia or of any of its political subdivisions or of any agency of Zambia or of any such political subdivision, including its share of the assets of the Bank of Rhodesia and Nyasaland or of any other agency fulﬁlling similar functions in Zambia. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 3

Section 6Verify source

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31 Dec 1996 · currentEnglish

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