CHAPTER 351
LOAN ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Authority to Minister to borrow by sale of debentures or stock

   3.   Application of loan

   4.   Commencement of contribution to sinking fund

   5.   Power to issue treasury bills

      SCHEDULE

AN ACT

to make provision for raising a loan of K4,500,000; and to provide for matters incidental to or connected therewith.

[24th April, 1931]

Act 21 of 1931,

SI 159 of 1965.

1. Short title

This Act may be cited as the Loan Act.

2. Authority to Minister to borrow by sale of debentures or stock

The Minister is hereby authorised to issue debentures or stock or both under the provisions of the General Loan and Stock Act, to an amount sufficient to produce as nearly as may be the sum of K4,500,000, and such further sum as may be necessary to defray the expenses of issue.

[S 2 am by SI 159 of 1965.]

{mprestriction ids="2,3,5"}

3. Application of loan

The money to be borrowed under the authority of this Act shall be appropriated and applied to the purposes specified in the Schedule:

Provided that it shall be lawful for the Minister to utilise any savings in respect of any item in the Schedule to cover any excess of expenditure in respect of any other item.

[S 3 am by SI 159 of 1965.]

4. Commencement of contribution to sinking fund

Contributions to the sinking fund, as contemplated by the provisions of sections 14 and 27 of the General Loan and Stock Act, shall commence in respect of any debentures or stock issued under this Act not later than three years after the date from which the interest on such debentures or stock shall commence to run.

[S 4 am by SI 159 of 1965.]

5. Power to issue treasury bills

Pending the issue of the whole or any portion of the loan hereby authorised, the Minister may, if necessary, raise instalments of the money as required by the issue of treasury bills under the Treasury Bills Act.

[S 5 am by SI 159 of 1965.]

SCHEDULE

[Section 2]

PURPOSES SPECIFIED FOR LOAN

{/mprestriction}