Chapter 349
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
Legal text
LOCAL LOAN 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.
- 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
- *See Government Notice No. 212 of 12th March,
- Short title. Power to raise loan. Purpose of loan.