Chapter 338
In short
This law authorizes the Government of Malta to raise a specific sum of money through a loan within Malta. The purpose of this loan is to cover a deficit in the Consolidated Fund from 1988.
What it regulates
- The authorization for the Government of Malta to raise a loan.
- The maximum amount of money that can be raised through this loan.
- The method for raising the loan, specifically through the issuance of 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
- A sum not exceeding five million two hundred thousand liri is authorized to be raised.
- The loan must be raised in Malta.
- The loan will be raised by issuing 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 1988.
Legal text
Legal text
LOCAL LOAN CHAPTER 338 LOCAL LOAN ACT To authorise a sum of five million two 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 1988. (15th December, 1989)* Enacted by ACT XXXVIII of 1989 . 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 five million two hundred thousand 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. 719 of 15th December,
- Short title. Power to raise loan. Purpose of loan.