In short
This law, called the Local Loan Act, authorizes the Government of Malta to borrow a specific amount of money within Malta. The purpose of this loan is to cover a deficit in the Consolidated Fund from the year 1994.
What it regulates
- The power of the Government of Malta to raise a loan within Malta.
- The maximum amount of money that can be borrowed.
- The method for raising the loan, which is through the issuance of stock.
- The specific purpose for which 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 thirty-two million, five hundred thousand Maltese liri.
- The loan must be raised in Malta.
- The Minister responsible for finance is authorized to issue stock under the Local Loans (Registered Stock and Securities) Ordinance.
- The money borrowed is specifically for making good the deficit incurred by the Consolidated Fund to meet expenditure during the year 1994.
📄 Legal text
[ CAP. 384.
LOCAL LOAN
1
CHAPTER 384
LOCAL LOAN ACT
To authorise a sum not exceeding thirty-two million, five hundred
thousand liri to be raised in Malta by way of loan for the purpose of
making good the deficit incurred by the Consolidated Fund to meet
expenditure during the year 1994.
(13th June, 1995)*
Enacted by ACT XVIII of 1995 .
l.
This Act may be cited as the Local Loan Act.
2. (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 thirty-two million, five hundred thousand Maltese liri.
(2) For the purpose of raising the loan as aforesaid, 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; and the loan made under the provisions
of this section shall be made on such terms and conditions as the
said Minister may approve.
3. Any money borrowed under the authority of this Act shall
be appropriated and applied for the purpose of making good the
deficit incurred by the Consolidated Fund to meet expenditure
incurred during the year 1994.
*See Government Notice No. 385 of 13th June, 1995.
Short title.
Power to raise
1oan.
Cap. 161.
Purpose.
🔗 Għas-sors uffiċjali
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.