Chapter 162 – Development Local Loan Ordinance
What is this act about?
This law authorizes the raising of a specific amount of money in Malta through a loan to fund development works.
Who it applies to: The President of Malta, who is authorized to issue the loan; The public in Malta, from whom the loan is raised.
At a glance
- Country
- Malta
- Area of law
- Other legislation
- Articles
- 4
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- 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 does this act apply to?
- The President of Malta, who is authorized to issue the loan.
- The public in Malta, from whom the loan is raised.
What are the 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.
Other legislation
Legal text
Legal text
DEVELOPMENT LOCAL LOAN
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.
Art. 1
The short title of this Ordinance is the Development Local Loan Ordinance.
Short title.
Art. 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.
Art. 3
Purpose of loan.
Amended by:
L.N. 46 of 1965;
LVIII.1974.68.
Art. 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.