In short
This law authorizes the raising of a specific amount of money in Malta through a loan to fund development works.
What it regulates
- The authorization for a local loan in Malta.
- The amount of money to be raised for financing development works.
- The application of the borrowed money towards specific development plans.
- The commencement of contributions to a sinking fund for the loan.
Who it concerns
- The President of Malta, who is authorized to issue the loan.
- The public in Malta, from whom the loan is raised.
Key points
- A sum of 9,317,493.59 euro and fifty-nine cents is authorized to be raised.
- The loan is for the purpose of financing development works.
- Any sum raised to cover issue expenses must be used only for that purpose.
- The money borrowed will be applied to the Malta Development Plan for the period 1st April 1959 to 31st March 1964, or any approved modifications.
- The first contribution to the sinking fund must be made not later than three years after interest on the loan begins.
📄 Legal text
DEVELOPMENT LOCAL LOAN
[CAP. 162.
1
CHAPTER 162
DEVELOPMENT LOCAL LOAN ORDINANCE
To authorise a sum of nine million, three hundred and seventeen
thousand and four hundred and ninety-three euro and fifty-nine cents
(9,317,493.59) to be raised in Malta by way of a loan for the purpose of
financing development works.
Amended by:
L.N. 410 of 2007.
(4th December, 1959)*
ORDINANCE XIX of 1959, as amended by Act XXXI of 1961; Legal
Notice 46 of 1965; Acts: LVIII of 1974 and XIII of 1983; and Legal Notice
410 of 2007.
1.
The short title of this Ordinance is the Development Local
Loan Ordinance.
Short title.
2.
The President of Malta is hereby authorised to issue in
Malta under the provisions of the Local Loans (Registered Stock
and Securities) Ordinance, stock or securities or both to an amount
sufficient to produce as nearly as may be the sum of nine million,
three hundred and seventeen thousand and four hundred and ninetythree euro and fifty-nine cents (9,317,493.59) and such further sum
as may be necessary to defray the expenses of any such issue.
Power to raise
loan.
Amended by:
XXXI.1961.2;
L.N. 46 of 1965;
LVIII. 1974.68;
L.N. 410 of 2007.
Cap. 161.
3. (1) Any sum raised to defray the expenses of any such
issue shall be applied only to that purpose.
Purpose of loan.
Amended by:
L.N. 46 of 1965;
LVIII.1974.68.
(2) Save as aforesaid, the money to be borrowed under the
authority of this Ordinance shall be appropriated and applied to the
purposes specified in the Malta Development Plan for the period lst
April 1959 to 31st March 1964, and in any modification,
amendment or extension thereof as may be approved from time to
time by the President of Malta.
4.
The first contribution to the sinking fund as contemplated
by the provisions of article 6(1)(e) and of article 25 of the Local
Loans (Registered Stock and Securities) 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.
*See Government Notice No.719 of the 4th December, 1959.
Commencement of
contribution to
sinking fund.
Cap.161.
🔗 Għas-sors uffiċjali
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.