Antigua and Barbuda Development Corporation Limited (Guarantee of Indebtedness) Act

Link to law: http://laws.gov.ag/acts/chapters/cap-25.pdf
Published: 1976

Antigua and Barbuda Development (CAP. 25 1
Corporation Limited (Guarantee of Indebtedeness)

CHAPTER 25

THE ANTIGUA AND BARBUDA
DEVELOPMENT CORPORATIQN LIMITED

(GUARANTEE O F INDEBTEDNESS) ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation
3 . Government to guarantee indebtedness.
4. Charge Upon Consolidated Fund and Assets.
5. Repayment of sums issued to meet guarantee

SCHEDULE.

ANTIGUA AND BARBUDA
DEVELOPMENT CORPORATION LIMITED

(GUARANTEE OF INDEBTEDNESS)

(I l th October, 1976.) 1211976.

1. This Act may be cited as the Antigua and Barbuda Short title.
Development Corporation Limited (Guarantee of
Indebtedness) Act.

2. In this Act- Interpretation.
"authorised indebtedness" means indebtedness incur-

red by the Company in accordance with the terms
of its memorandum and articles of association;

"Company" means Antigua and Barbuda Development
Corporation Limited a Company duly incorporated
under the Companies Act;

LAWS OF ANTIGUA AND BARBUDA

2 CAP. 25) Antigua and Barbuda Development -.
Corporation Limited (Guarantee o f Zndebtedeness) '

Goverment to
guarantee
indebtedness.

Schedule.

Charge Upon
Consolidated
Fund and Assets.

Repayment of
sums issued to
mcct guarantee.

"Minister" means the member of Cabinet charged with
responsibility for Finance.

3. (1) It shall be lawful for the Government and it
is hereby authorised to guarantee in such manner and on
such conditions as it thinks fit the payment of principal and
of interest on any authorised indebtedness of the Company
whether contracted before or after the coming into force of
this Act, to the persons specified in the Schedule to this Act
amounting to a sum not exceeding in the aggregate One
Million Five Hundred Thousand Dollars in legal currency
of the United States of America.

(2) Where the Government is satisfied that there has
been default in repayment of any indebtedness under the
provisions of subsection (1) the Minister shall direct repay-
ment out of the Consolidated Fund of the sum or sums in
respect of which there has been default.

4. All monies which may from time to time become
payable under section 3 are charged upon the Consolidated
Fund and Assets of Antigua and Barbuda.

%*-

5 . The Company shall make to the Accountant-
General at such time and in such manner as the Minister
or other person designated by the Minister may direct, pay-
ment of such amounts as may be so directed in or towards
repayment of any sums issued in fulfilment of a guarantee
given under section 3 and payment of interest on what is
outstanding for the time being in respect of any sums so
issued at such rate as the Government may direct, and dif-
ferent rates of interest may be directed as respects interest
for different periods.

SCHEDULE

(a) The Bank of Nova Scotia.

( b ) Commonwealth Holiday Inns of Canada.
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