LOANS AND GUARANTEES (AUTHORISATION) ACT
Arrangement of Sections
1. Short title
GENERAL BORROWING POWERS
3. Power to raise loans
4. Application of loans
5. Debt charges
METHODS OF RAISING LOANS
6. Methods of raising loans
7. Minister to determine terms, etc., of loans
8. Functions of Bank of Zambia
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
GUARANTEES AND INDEMNITIES
14. Power to give guarantees
15. Maximum amount of guarantees
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
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
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
29. General restriction on raising of loans
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.
This Act may be cited as the Loans and Guarantees (Authorisation) Act.
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.]
GENERAL BORROWING POWERS
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.
(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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