CENTRAL AFRICAN POWER CORPORATION (FINANCIAL PROVISIONS) ACT
Arrangement of Sections
1. Short title
2. Government may guarantee liability of Corporation
3. Assumption of loan indebtedness
4. Discharge of liabilities under agreements
to empower the Government to enter into agreements guaranteeing the repayment by the Central African Power Corporation of certain sums; to empower the Permanent Secretary, Ministry of Finance, to assume liability for certain loan indebtedness; and to make provision in relation to the discharge of liabilities under certain agreements.
[20th December, 1963]
Act 64 of 1963,
GN 438 of 1963,
GN 301 of 1964,
SI 157 of 1965.
This Act may be cited as the Central African Power Corporation (Financial Provisions) Act.
(1) The Government may by a representative in each case authorised for the purpose by the President enter into agreements with the persons mentioned in the first column of the First Schedule whereby the Government shall unconditionally guarantee as primary obligor and not as surety merely the due and punctual payment by the Corporation of one-half of any financial obligations to such persons assumed or to be assumed by the Corporation from the Federal Power Board in respect of the loan agreements mentioned in the second column of the said Schedule.
(2) Any agreement entered into with the International Bank for Reconstruction and Development under the provisions of sub-section (1) may include a clause substantially in the form set out in the Second Schedule and on the effectiveness of such agreement such clause shall have full force and effect in Zambia.
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.