Antigua and Barbuda LIAT (1974) Limited (Acquisition) Loan Act 1994

Link to law: http://laws.gov.ag/acts/1994/a1994-2.pdf

Barbuda LIAT (1974)
Limited (Acquisition) Loan Act, 1994.

ANTIGUA
AND

BARBUDA

[ L.S. ]

I Assent,

James B. Carlisle,
Governor-General.

16th February, 1994.

ANTIGUA AND BARBUDA

No. 2 of 1994

AN ACT to authorise the Minister of Fiance to borrow a sum of
ten million East Caribbean dollars (EC$10,000,000.00) to
finance the Acquisition and operations of LXAT (1974) Lim-
ited and to create a Fund into which moneys for the amortiza-
tion of the Loan will be paid.

[ 17th February, 1994 ]

ENACTED by the Parliament of Antigua and Barbuda as
foIlows -

1. This Act maybe citedas Antiguaand BarbudaLIAT (1974) short title.
Limited (Acquisition) Loan Act, 1974.

2. In this Act Interpretation.

"LIAT (1974) Limited" means LeewardIsland Air Transport
Company Limited incorporated under the business name of
LIAT (1974) Limited,

"Minister" means the Minister responsible for finance or
such other Minister as ,may be designated by Cabinet after
consultation with the Minister responsible for finance.

ANTIGUA 2 Antigua and Barbuda LIAT (1974) No. 2 of 1994.
AND Limited (Acquisition) Loan Act, 1994.

BARBUDA

Ministerauthorised 3. Notwithstanding the provisions of any other Act, the
to borrow ten Minister is authorised to borrow the sum of ten million East
million East
Caribbean dollars Caribbean dollars (EC$10,000,000.00) from all or any of the
(~c$io,ooo,ooo.oo) person, bank or financial institution named in the Schedule on

such terms and conditions as may be agreed upon between the
Minister and lender.

Application of 4. The money borrowed under the authority of this Act shall
borrowed. be applied to acquire shares in LIAT (1974) Limited and to

purchase spare parts required by LIAT (1974) Limited for the
operation and service of its aircraft, and other expenses relating
thereto.

Power to issue 5. (1) The Minister may issue such promissory notes or other
prom'ssory notes instruments as may he necessary for the purpose of giving effect
etc. for the
purposes of any to the terms and conditions of any agreement that the Minister and
agreement the lender may conclude in respect of the money borrowed under
authorised under the authority of this Act.
the Act.

(2) The Minister may by Order published in the Gazette remit
any fees payable under any enactment where he considers such
remission necessary to give full effect to any agreement, prom-
issory note, instrument guarantee or undertaking under this Act.

Establlshmsnt of a 6. (1) For the purpose of this Act there is established a LIAT
Fund. Stabilization Fund (referred to in this Act as the "Fund") which

shall be applied for the payment and servicing of the Loan
authorised under this act.

(2) There shall be paid into the fund -

(a) All monies appropriated by Parliament for the pur-
pose of payment and servicing of the Loan;

(b) All proceeds of any tax or levy raised specifically for
the purpose of payment and servicing of the Loan;

(c) All monies received by the governmelit from LIAT
(1974) Limited for the payment of the Lorn;

(d) Any other monies received from any other source as
corltributions for the payment of the Loan.

No. 2 of 1994. Antigua and Barbuda LIAT (1974) 3 ANTIGUA
Limited (Acquisition) Loan Act, 1994. AND

BARBUDA

(3) All monies received into the Fund shall be paid into the
Treasury and held therein for the account of the Fund.

7. The Exchange Control Act does not apply to any transaction Exchange control
required to effect payment in any currency of any sum in Act not applicable
accordance with the terms and conditions of any agreemen6 ~~~r~~~~~
promissory note, instrument, guarantee or undeflaking under this Cap. 17.
Act.

8. The principal sum borrowed under the authority of this Act Principal and
and any interest thereon are charged upon and are payable out of interest charged On
the Consolidated Fund and assets of Antigua and Barbuda. z ( ~ ~ ~ ~ ~ ~ ~ ~

SCHEDULE

Swiss American National Bank of Antigua

Finance and Development Company Limited

Price Waterhouse

Passed the House of Representatives this
14th day of February, 1994.

C.L. Murray,
Speaker.

L.A. Dowe,
Clerk to the House of Representatives.

Passed the Senate this 15th
day of February, 1994.

B.T. Carrott,
President.

L.A. Dowe,
Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Rupert Charity, Government Printer

-By Authority, 1994.
800-2.94 [ Price $1.90 1
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