Chapter 229 – Development Loan Act
What is this act about?
This law, called the Development Loan Act, authorizes and regulates how the Government of Malta can raise loans for purposes related to economic development.
Who it applies to: The Government of Malta; Governments of other countries, international or foreign organizations, funds, or other institutions that lend money to Malta.
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 power of the Government of Malta to borrow sums of money.
- The terms, conditions, and modalities of these loans.
- The purposes for which borrowed sums can be used.
- How the principal and interest of these loans are to be paid.
Who does this act apply to?
- The Government of Malta.
- Governments of other countries, international or foreign organizations, funds, or other institutions that lend money to Malta.
What are the key points?
- The Government of Malta can borrow up to €58,234,334.96, or a higher amount if approved by the House of Representatives.
- Loans must be for expenditure relating to Malta's economic development, as authorized by an Appropriation Act or charged on the Consolidated Fund, or for other purposes approved by the House of Representatives.
- The principal and interest of these loans are a charge on the Consolidated Fund and payable from the general revenues and assets of the Government of Malta.
Other legislation
Legal text
Legal text
DEVELOPMENT LOAN
CHAPTER 229
DEVELOPMENT LOAN ACT To authorise and regulate the raising of loans for purposes relating to economic development. (9th May, 1972)* ACT XVII of 1972, as amended by Acts XXXV of 1973, XIII of 1983 and XII of 1988; and Legal Notice 411 of 2007.
Art. 1
The short title of this Act is the Development Loan Act.
Art. 2
Short title.
Power to raise loans.
Amended by:
XXXV. 1973.2;
XIII. 1983.5;
XII. 1988.2;
L.N. 411 of 2007.
Art. 3
Any sum borrowed under the authority of this Act shall be appropriated and applied - Purpose of loans. (a) to meet expenditure relating to the development of the economy of Malta, being expenditure authorised by an Appropriation Act or charged on the Consolidated Fund by any other law for the time being in force; or (b) to any other purpose approved by resolution of the House of Representatives.
Art. 4
The principal money of any loan made under the authority of this Act, 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. *See Government Notice No. 357 of 9th May, 1972.
Loans to be charged on general revenues.