CHAPTER 366
LOANS AND GUARANTEES (AUTHORISATION) ACT

Arrangement of Sections

   Section

PART I
PRELIMINARY

   1.   Short title

   2.   Application

PART II
GENERAL BORROWING POWERS

   3.   Power to raise loans

   4.   Application of loans

   5.   Debt charges

PART III
METHODS OF RAISING LOANS

   6.   Methods of raising loans

   7.   Minister to determine terms, etc., of loans

   8.   Functions of Bank of Zambia

PART IV
SINKING FUNDS

   9.   Establishment of sinking funds for redemption of bonds or stock

   10.   Establishment of sinking funds in other cases

   11.   Annual contribution to sinking fund

   12.   Deficiency in sinking fund to be charged upon general revenues

   13.   Power of Minister to give directions in respect of sinking funds

PART V
GUARANTEES AND INDEMNITIES

   14.   Power to give guarantees

   15.   Maximum amount of guarantees

   16.   Indemnities

   17.   Guarantees and indemnities to be paid out of general revenues

   18.   Application of Part V to previous guarantees and indemnities

   19.   Information relating to guarantees to be included in financial report

PART VI
POWER TO GRANT LOANS

   20.   Power to grant loans out of cash balances

   21.   Power to grant loans out of general revenues

   22.   Application of Part VI to loans previously granted

   23.   Information relating to loans granted by Government to be included in financial report

PART VII
SUPPLEMENTAL

   24.   Minister or other persons not responsible for fulfillment of trusts attaching to bonds, stock or treasury bills

   25.   Trust funds

   26.   Power of Minister when National Assembly not sitting

   27.   Minister may delegate functions to public officer

   28.   Regulations

   29.   General restriction on raising of loans

      SCHEDULE

AN ACT

to provide for the raising of loans, the establishment of sinking funds, the giving of guarantees and indemnities and the granting of loans by or on behalf of the Government; and to provide for matters incidental thereto and connected therewith.

[8th August 1969]

Act 28 of 1969,

Act 39 of 1969,

Act 30 of 1972,

Act 7 of 1977,

Act 2 of 1979,

Act 2 of 1982,

Act 13 of 1994.

PART I
PRELIMINARY

1.   Short title

This Act may be cited as the Loans and Guarantees (Authorisation) Act.

2.   Application

Nothing in this Act shall apply in relation to the raising of any loan under—

      (a) the Bretton Woods Agreement Act;

      (b)   the International Development Association Act;

      (c)   the General Loans (International Bank) Act; or

      (d)   the Development Bond Act.

[S 2 am by Act 39 of 1969.]

PART II
GENERAL BORROWING POWERS

3.   Power to raise loans

The Minister may raise from time to time, in the Republic and elsewhere, on behalf of the Government such loans as he may deem desirable, not exceeding in the amount outstanding at any one time—

      (a)   in the case of loans raised under this Act for a period of not more than one year; or

      (b)   in the case of loans raised under this Act for a period in excess of one year;

such amount as he shall from time to time be authorised by resolution of the National Assembly to prescribe by statutory instrument.

4.   Application of loans

   (1) The amount of all loans raised under this Act for a period of not more than one year shall be paid into an account (hereinafter referred to as “ the Special Deposit Account”) which is hereby established for that purpose.

   (2) The amount of all loans raised under this Act for a period in excess of one year shall be paid into the general revenues of the Republic.

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