In short
This law authorizes the Government of Malta to borrow up to thirty million Maltese liri within Malta to cover the deficit in the Consolidated Fund for the year 1993.
What it regulates
- The power of the Government of Malta to raise a loan.
- The maximum amount of money that can be borrowed.
- 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 thirty million Maltese liri can be raised.
- The loan must be raised in Malta.
- The loan is for the purpose of making good the deficit incurred by the Consolidated Fund to meet expenditure during the year 1993.
- The Minister responsible for finance is authorized to issue stock under the Local Loans (Registered Stock and Securities) Ordinance.
📄 Legal text
[ CAP. 366.
LOCAL LOAN
1
CHAPTER 366
LOCAL LOAN ACT
To authorise a sum not exceeding thirty million Maltese 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 1993.
(1st February, 1994)*
Enacted by ACT II of 1994 .
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 million 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 1993.
*See Government Notice No. 87 of 1st February, 1994.
Short title.
Power to raise
loan.
Cap. 161.
Purpose.
🔗 Għas-sors uffiċjali
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.