DEVELOPMENT (UNITED KINGDOM GOVERNMENT) LOAN ACT
Arrangement of Sections
1. Short title.
3. Authority to raise loans.
4. Application of money borrowed.
5. Repayment of money borrowed.
6. Charge on revenues and assets.
to make provision for the raising of a loan or loans under the provisions of the Colonial Development and Welfare Acts of the United Kingdom to an amount not exceeding ten million pounds sterling and for the purposes of development projects approved in the Capital Fund Estimates.
[19th August, 1960]
Act 24 of 1960,
GN 315 of 1964,
GN 497 of 1964,
SI 159 of 1965.
This Act may be cited as the Development (United Kingdom Government) Loan Act.
In this Act, unless the context otherwise requires—
“the Capital Fund” means the Fund established in accordance with a motion adopted by the Legislative Council of the former Protectorate of Northern Rhodesia on the 19th July, 1955;
“the Capital Fund Estimates” means those estimates of expenditure from the Capital Fund which are approved specifically by the National Assembly from time to time by motion.
[S 2 am by GN 315 of 1964; SI 159 of 1965.]
(1) The President is hereby authorised to borrow from time to time an amount or amounts not exceeding in the aggregate ten million pounds sterling, by means of a loan or loans made by one of Her Britannic Majesty’s Secretaries of State with the approval of Her Britannic Majesty’s Treasury in accordance with section 2 of the Colonial Development and Welfare Act, 1959 (hereinafter referred to as “the Act”).
(2) Any loans made under sub-section (1) shall be on such terms as may be fixed from time to time by one of Her Britannic Majesty’s Secretaries of State with the approval of Her Britannic Majesty’s Treasury.
[S 3 am by SI 159 of 1965.]
All moneys borrowed under the provisions of this Act shall be appropriated and applied to any of those purposes of the Capital Fund Estimates which may, in accordance with the provisions of the Act, be approved by one of Her Britannic Majesty’s Secretaries of State and the National Assembly from time to time and to no other purpose.
[S 4 am by GN 315 of 1964; SI 159 of 1965.]
Any loan raised under the provisions of this Act, together with the interest payable on such loan, shall be repaid by equal annual installments of capital and interest so that such loan shall be repaid within the period for which the same was granted.
All principal moneys borrowed under the provisions of this Act, together with all interest payable thereon, are hereby charged upon and shall be payable out of the general revenues and assets of the Republic.
[S 6 am by SI 159 of 1965.]