Chapter 388
In short
This law, called the Local Loan Act, authorizes the Government of Malta to raise a specific amount of money through a loan within Malta. The purpose of this loan is to cover spending that exceeded income in the Consolidated Fund during 1995 and what is expected for 1996.
What it regulates
- The authority for the Government of Malta to raise a loan.
- The maximum amount of money that can be borrowed.
- The method for raising the loan (issuing stock).
- How the borrowed money must be used.
Who it concerns
- The Government of Malta.
- The Minister responsible for finance.
Key points
- A sum not exceeding seventy million Maltese liri can be raised.
- The loan is for meeting excess expenditure over revenue in the Consolidated Fund during 1995 and 1996.
- The Minister responsible for finance is authorized to issue stock in Malta to raise the loan.
- Any money borrowed but not needed for 1995/1996 excess expenditure will be used for excess expenditure in the first subsequent year it occurs.
Legal text
Legal text
LOCAL LOAN CHAPTER 388 LOCAL LOAN ACT To authorise that a sum not exceeding seventy 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 1995 and that expected to be incurred during the year
- (2 April, 1996) * Enacted by ACT XII of 1996 .
- This Act may be cited as the Local Loan Act. Short title.
- For the purpose 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 seventy million liri. Authority to raise loan.
(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 1995, and that projected to he incurred during the year 1996 and as appears in the approved estimates for that year: 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 1996, 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. 212 of 2nd April,
- Purpose.