In short
This law, called the Local Loan Act, authorizes the Government of Malta to raise a loan of up to forty million liri within Malta. The purpose of this loan is to cover the deficit in the Consolidated Fund from expenditures made in 1987.
What it regulates
- The raising of a loan by the Government of Malta.
- The maximum amount of the loan, which is forty million liri.
- The method for raising the loan, specifically through the issuance of stock in Malta.
- The application of the borrowed money to cover a specific deficit.
Who it concerns
- The Government of Malta.
- The Minister responsible for finance.
Key points
- The Government of Malta can raise a loan not exceeding forty million liri.
- The loan must be raised in Malta.
- The Minister responsible for finance is authorized to issue stock for this loan under the Local Loans (Registered Stock and Securities) Ordinance.
- The money borrowed is specifically for making good the deficit incurred by the Consolidated Fund for expenditure during the year 1987.
📄 Legal text
[CAP. 329.
LOCAL LOAN
1
CHAPTER 329
LOCAL LOAN ACT
To authorise a sum of forty million 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 1987.
(25th November, 1988)*
Enacted by ACT XXXII of 1988 .
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 forty million 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 1987.
*See Government Notice No. 774 of the 25th November, 1988.
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.