In short
This law authorizes the Government of Malta to borrow money to cover a deficit in the Consolidated Fund from 1990.
What it regulates
- The raising of a loan by the Government of Malta.
- The maximum amount of money that can be borrowed.
- The method for raising the loan (issuing stock).
- The 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-four million four hundred thousand Maltese Liri.
- The loan is to be raised in Malta.
- The Minister responsible for finance is authorized to issue stock under the Local Loans (Registered Stock and Securities) Ordinance.
- The borrowed money is specifically for making good the deficit incurred by the Consolidated Fund for expenditure during the year 1990.
📄 Legal text
[ CAP. 349.
LOCAL LOAN
1
CHAPTER 349
LOCAL LOAN ACT
To authorise the sum of thirty-four million four hundred thousand
Maltese liri by way of loan for the purpose of making good the deficit
incurred by the Consolidated Fund to meet expenditure during the year
1990.
(12th March, 1991)*
Enacted by ACT VII of 1991 .
1.
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-four million four 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
during the year 1990.
*See Government Notice No. 212 of 12th March, 1991.
Short title.
Power to raise
loan.
Cap. 161.
Purpose of loan.
🔗 Għas-sors uffiċjali
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.