Zambia Act or statute

Zambia legislation

General Loans (Mediobanca) Act, 1967

borrowingdebt repaymentgovernment borrowinggovernment implementation of agreementsinfrastructure financepublic borrowing

Jurisdiction: Zambia
Structure: 6 provisions
Citation: Act 19 of 1967
Dates: Source version 31 Dec 1996

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Dates: Source version 31 Dec 1996

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Purpose and legislative effect

“This section gives the Act its short title: the General Loans (Mediobanca) Act.”

This section gives the Act its short title: the General Loans (Mediobanca) Act. This section defines “foreign currency” and “Mediobanca” for use in the Act, unless the context requires otherwise. The Minister may borrow money from Mediobanca in sterling, foreign currency, or both, and may sign related agreements and instruments. The Republic’s general revenues must cover repayment of borrowed principal, interest, and other related charges, according to the borrowing agreement or bond terms. The Minister may do what is necessary to give full effect to an agreement with Mediobanca for borrowing authorized by the Act.

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Source version 31 Dec 1996. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Short title ........................................................................................................................................................................................................... 1

This section gives the Act its short title: the General Loans (Mediobanca) Act.

Section 1

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

This section defines “foreign currency” and “Mediobanca” for use in the Act, unless the context requires otherwise.

Section 2

Repayment of sums borrowed and payment of interest and other charges ............................................................................. 1

The Republic’s general revenues must cover repayment of borrowed principal, interest, and other related charges, according to the borrowing agreement or bond terms.

Section 4

Implementation of agreements ................................................................................................................................................................. 1

The Minister may do what is necessary to give full effect to an agreement with Mediobanca for borrowing authorized by the Act.

Section 5

Construction of borrowing powers ........................................................................................................................................................... 2

The Act’s borrowing power is additional to any other borrowing power under written law.

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 section gives the Act its short title: the General Loans (Mediobanca) Act.

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

Section 1Verify source

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

This section defines “foreign currency” and “Mediobanca” for use in the Act, unless the context requires otherwise.

2. Interpretation In this Act, unless the context otherwise requires— "foreign currency" means currency other than the currency of Zambia; "Mediobanca" means Mediobanca-Banca di Credito Finanziario S.P.A.

Section 2Verify source

§ 3Power to borrow from Mediobanca-Banca di Credito Finanziario S.P.A. ..................................................................................... 1Provision

The Minister may borrow money from Mediobanca in sterling, foreign currency, or both, and may sign related agreements and instruments.

3. Power to borrow from Mediobanca-Banca di Credito Finanziario S.P.A. (1) The Minister may, in such manner and on such terms and subject to such conditions as he thinks ﬁt, and in the name of Zambia, borrow from Mediobanca such sums in sterling or in foreign currency or in both, as may be required for the purpose set out in the Schedule. (2) For the purpose of exercising the powers conferred by subsection (1), the Minister, or any person authorised by him in writing, may sign and execute agreements with Mediobanca and may execute such other instruments, including bonds, as may be required in connection with the borrowing of any sum under this Act.

Section 3Verify source

§ 4Repayment of sums borrowed and payment of interest and other charges ............................................................................. 1Provision

The Republic’s general revenues must cover repayment of borrowed principal, interest, and other related charges, according to the borrowing agreement or bond terms.

4. Repayment of sums borrowed and payment of interest and other charges There shall be charged on and paid out of the general revenues of the Republic such moneys as may be necessary— (a) for securing the repayment of the principal of any sum borrowed under this Act in accordance with the terms and conditions of any agreement providing for such borrowing or of any bond issued pursuant to any such agreement; and (b) for securing the payment of interest on any sum so borrowed and of all other charges payable in respect thereof.

Section 4Verify source

§ 5Implementation of agreements ................................................................................................................................................................. 1Provision

The Minister may do what is necessary to give full effect to an agreement with Mediobanca for borrowing authorized by the Act.

5. Implementation of agreements Notwithstanding anything contained in any written law, the Minister 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 agreement which may be entered into with Mediobanca in respect of any borrowing authorised by this Act. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 General Loans (Mediobanca) Act, 1967 (Chapter 376) Zambia

Section 5Verify source

§ 6Construction of borrowing powers ........................................................................................................................................................... 2Provision

The Act’s borrowing power is additional to any other borrowing power under written law.

6. Construction of borrowing powers The power to borrow conferred by this Act shall be in addition to the power to borrow conferred by any other written law. Schedule (Section 3) Purpose of borrowing authorised by this Act Making loans to the Tazama Pipelines Limited to enable that Company to construct a pipeline from Dar es Salaam in Tanzania to Ndola in Zambia. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

Section 6Verify source

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31 Dec 1996 · currentEnglish

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