Chapter 213 – Development Loan Act
What is this act about?
This law authorizes the Government of Malta to raise a loan of up to twenty-one million liri to finance its investment program for the financial years 1969-70 and 1970-71.
Who it applies to: The Government of Malta; The Minister responsible for finance.
At a glance
- Country
- Malta
- Area of law
- Other legislation
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- The power of the Government of Malta to raise loans.
- The maximum amount of money that can be raised through these loans.
- The methods by which the Minister responsible for finance can raise these loans.
- The specific purposes for which the borrowed money must be used.
Who does this act apply to?
- The Government of Malta.
- The Minister responsible for finance.
What are the key points?
- The Government of Malta may raise a sum not exceeding in the aggregate twenty-one million liri.
- The loans are for financing the investment programme for the financial years 1969-70 and 1970-71.
- Money borrowed must be applied to meet capital expenditure for the financial years ending 31st March, 1970 and 31st March, 1971.
- The first contribution to the sinking fund for certain loans must be made not later than three years after interest commences.
Other legislation
Legal text
Legal text
DEVELOPMENT LOAN
CHAPTER 213
DEVELOPMENT LOAN ACT To authorise a sum of twenty-one million liri to be raised by way of loan for the purpose of financing the investment programme for the financial years 1969-70 and 1970-71.
Amended by:
XXIII. 1970.2;
XIII. 1983.5. (24th February, 1970)* Enacted by ACT III of 1970, as amended by Acts: XXIII of 1970 and XIII of 1983. l.
This Act may be cited as the Development Loan Act.
Short title.
Power to raise loans.
Amended by:
XXIII. 1970.3;
XIII. 1983.5.
Purpose of loans.
Amended by:
XXIII. 1970.4.
4.
In respect of loans raised under the provisions of the Ordinance aforesaid, the first contribution to the sinking fund as contemplated by the provisions of paragraph (e) of subsection (1) of section 6 and of section 25 of the said Ordinance shall be made not later than three years after the date from which the interest on the loan hereby authorised shall commence to run.
Commencement of contribution to sinking fund.
5.
In respect of any loan other than a loan raised as mentioned in section 4 of this Act, the principal money of any such loan and the interest payable thereon shall be a charge on the Consolidated Fund and shall be payable out of the general revenues and assets of the Government of Malta which are hereby appropriated to the purpose.
Charge on Consolidated Fund. *See Government Notice No. 128 of the 24 February, 1970.