GENERAL LOANS (MEDIOBANCA) ACT
Arrangement of Sections
1. Short title
3. Power to borrow from Mediobanca-Banca di Credito Finanziario S.P.A.
4. Repayment of sums borrowed and payment of interest and other charges
5. Implementation of agreements
6. Construction of borrowing powers
to empower the Government to raise loans from the Mediobanca-Banca di Credito Finanziario S.P.A.; and to provide for connected matters.
[27th January, 1967]
Act 19 of 1967.
This Act may be cited as the General Loans (Mediobanca) Act.
In this Act, unless the context otherwise requires—
“foreign currency” means currency other than the currency of Zambia;
“Mediobanca” means Mediobanca-Banca di Credito Finanziario S.P.A.
(1) The Minister may, in such manner and on such terms and subject to such conditions as he thinks fit, and in the name of Zambia, borrow from Mediobanca such sums in sterling or in foreign currency or in both, as may be required for the purpose set out in the Schedule.
(2) For the purpose of exercising the powers conferred by sub-section (1), the Minister, or any person authorised by him in writing, may sign and execute agreements with Mediobanca and may execute such other instruments, including bonds, as may be required in connection with the borrowing of any sum under this Act.
There shall be charged on and paid out of the general revenues of the Republic such money as may be necessary—
(a) for securing the repayment of the principal of any sum borrowed under this Act in accordance with the terms and conditions of any agreement providing for such borrowing or of any bond issued pursuant to any such agreement; and
(b) for securing the payment of interest on any sum so borrowed and of all other charges payable in respect thereof.
Notwithstanding anything contained in any written law, the Minister may exercise all such powers and authorities and do or cause to be done all such things as appear to him to be necessary for giving full and complete effect to any agreement which may be entered into with Mediobanca in respect of any borrowing authorised by this Act.
The power to borrow conferred by this Act shall be in addition to the power to borrow conferred by any other written law.
PURPOSE OF BORROWING AUTHORISED BY THIS ACT
Making loans to the Tazama Pipelines Limited to enable that Company to construct a pipeline from Dar es Salaam in Tanzania to Ndola in Zambia.