Chapter 401
In short
This law, called the Local Loan Act, allows the Government of Malta to borrow money within Malta. The purpose of this borrowing is to cover spending that is more than the income in the Consolidated Fund for specific years.
What it regulates
- The authority for the Government of Malta to raise a loan in Malta.
- The maximum amount of money that can be borrowed.
- The method for raising the loan, which is by issuing stock.
- How the borrowed money must be used.
Who it concerns
- The Government of Malta.
- The Minister responsible for finance.
Key points
- The Government of Malta can raise a loan not exceeding 256,231,073.84 euro.
- The loan is to be raised in Malta.
- The Minister responsible for finance is authorised to issue stock for this loan.
- The money borrowed must be used to meet excess expenditure over revenue in the Consolidated Fund for 1997 and 1998, and potentially for the first subsequent year if a balance remains.
Legal text
Legal text
LOCAL LOAN CHAPTER 401 LOCAL LOAN ACT To authorise that a sum not exceeding one hundred and ten million Maltese liri be raised in Malta by way of loan for the purpose of meeting excess expenditure over revenue incurred in the Consolidated Fund during the year 1997 and that expected to be incurred during the year
- (29th May, 1998)* ACT XIII of 1998, as amended by Legal Notice 426 of
- The short title of this is the Local Loan Act. Short title.
- For the purposes of this Act, "revenue" has the same meaning as is assigned to it in article 2 of the Public Finance Management Act, but does not include proceeds from local loans. Interpretation. 3.
(1)Subject to the provisions of this Act, the Government of Malta may raise in Malta, by way of loan, a sum of money not exceeding two hundred and fifty-six million and two hundred and thirty-one thousand and seventy-three euro and eighty-four cents (256,231,073.84). Authority to raise loan. Amended by: L.N. 426 of 2007.
(2)For the purpose of raising the aforesaid loan the Minister responsible for finance is hereby authorised to issue stock in Malta under the provisions of the Local Loans (Registered Stock and Securities) Ordinance on such terms and conditions as the said Minister may approve.
- Any money borrowed under the authority of this Act shall be appropriated and applied for the purpose of meeting excess expenditure over revenue incurred in the Consolidated Fund during the year 1997, and that projected to be incurred during the year 1998: Provided that any amount borrowed under this article in excess of the amount actually required for the said purposes and remaining as a balance in the Consolidated Fund at the end of 1998, shall be used to meet excess expenditure over revenue in the Consolidated Fund during the first subsequent year in which such excess is incurred. *See Government Notice No. 427 of 29th May,
- Purpose.