Cooks Hill (Acquisition Development and Sale) Loan Act

Link to law: http://laws.gov.ag/acts/chapters/cap-102.pdf
Published: 1966

Cooks Hill (Acquisition Development (CAP. 102 1
and Sale) Loan

CHAPTER 102

THE COOKS HILL (ACQUISITION DEVELOPMENT
AND SALE) LOAN ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Authority to borrow a sum not exceeding $100,000 and

disposition of money borrowed.
4. Principal monies and interest a charge upon general

revenue.
5. Manner of raising loan.
6. Purposes for which loan to be applied.
7. Re-sale of area after development into lots.
8. Duties of Authority.
9. Authority to perform its duties under control and direc-

tion of Minister.
10. Establishment of Fund.
11. Disbursement from Fund.
12. Form and amount of debenture.
13. Payment of interest.
14. Transfer of debentures and coupons.
15. Provision for payment of interest.
16. Redemption of debentures.
17. Payment of debentures.
18. Cesser of Interest.
19. Cancellation of debentures.

SCHEDULE.

LAWS OF ANTIGUA AND BARBUDA

Cooks Hill (Acquisition Development (CAP. 102 3
and Sale) Loan

COOKS HILL (ACQUISITION DEVELOPMENT AND
SALE) LOAN

(6th July, 1966.) 711966.
S.I. 3911989.

1. This Act may be cited as the Cooks Hill (Acquisi- Short title.
tion Development and Sale) Loan Act.

2. In this Act- Interpretation.

"area" means the piece or parcel of land described in
the Schedule;

"Authority" means the Central Housing and Plann-
ing ,Authority constituted under the provisions of
the Slum Clearance and Housing Act; Cap. 404.

"Minister" means the member of Cabinet responsible
for the subject of Housing.

3. It shall be lawful for the Minister and he is hereby Authority to
borrow a sum

authorised from time to time as he may require the same, not exceeding
to borrow from any person or persons body or bodies politic tt$JdJ?;,"",df
or corporate, willing to lend the same, a sum or sums of money borrowed.
money not exceeding one hundred thousand dollars to be
appropriated and applied by him as hereinafter provided.

4. The principal monies and interest represented by :z+~?z~yp
any loan or loans raised under the provisions of this Act charge upon
are hereby charged upon and shall be payable out of the genera1 revenue.
general revenue and assets of Antigua and Barbuda.

5 . The loan or loans hereby authorised or any part Manner of
raising

of such loan or loans may be raised under the provisions loan.
of the General Local Loan Act, or notwithstanding anything Cap. 189.
to the contrary contained in the said Act, independently of
that Act, as the Minister may decide.

6. (1) Any sum raised to defray the expenses of issue Purposes which loan for to be
shall be applied only to that purpose. applied.

LAWS OF ANTIGUA AND BARBUDA

4 CAP. 102) Cooks Hill (Acquisition Development
and Sale) Loan

( 2 ) Save as aforesaid the money raised by loan under
this Act shall be appropriated and applied for the purpose of-

Cap. 233.
( a ) acquiring the area either under the Land

Acquisition Act, or otherwise by purchase;

( 6 ) financing work to be carried out in connection
with the development of the area and its division into
lots for building purposes;

(c) defraying expenses incidental to the above.

Re-sale of area
after

7. After development the area shall be re-sold to such
development into person or persons as are able and willing purchasers.
lots.

Duties of
Authority.

Cap. 432.

8. It shall be the duty of the Authority-
(a) to administer, for the purposes set out in subsec-

tion ( 2 ) of section 6, the loan raised under this Act;

( b ) to take charge of the area and to prepare a
scheme for the development of the area under the pro-
visions of sections 5 and 6 of the Town and Country
Planning Act;

(c) to endeavour to sell and to negotiate for the
sale of the lots; and

(d) with the approval of the Minister, to enter into
agreements on behalf of Government for the sale of
available lots to able and willing purchasers, and to sell
the same accordingly.

Authority to
perform its

9. In the exercise of the duties imposed on it by this
duties under Act the Authority shall, subject to the provisions of this Act

and and to the terms of any scheme prepared in pursuance of
direction of
Minister. this Act, be under the general direction and control of the

Minister and shall conform to any general or special direc-
tions given by the Minister. Save as aforesaid, the Authority
shall, in all cases, act in its absolute discretion.

Establishment of
Fund.

10. (1) The Accountant-General shall establish a fund
to be called the "Cooks Hill Development Fund" into which
shall be paid all monies which may be raised by loan under
this Act and all other monies arising from the sale of the
area after its development.

LAWS OF ANTIGUA AND BARBUDA

Cooks Hill (Acquisition Development (CAP. 102 5
and Sale) Loan

(2) The accounts of the Fund shall be kept separate from
all other accounts in the Accountant-General's books.

1 . Disbursements from the fund shall be made for Disbursements
from Fund. the following purposes only-

( a ) to carry out the purposes mentioned in
section 6;

( b ) to pay the interest on debentures; and

(c) to pay the principal sums secured by debentures.

12. (1) The debentures issued under the provisions Form and
of this Act shall be in such form as the Financial Secretary irb","n::roef.
may direct.

( 2 ) Each debenture may be for a sum of one hundred
dollars, or a multiple thereof and shall bear interest from
the day on which the same shall be dated to the day on which
the same shall be redeemed.

13. There shall be attached to every debenture, EL^:^ of
coupons for the payment of the interest to become due upon
the principal represented by the debenture.

14. Each debenture and coupon and the right to ~ ~ ~ ~ ~ ~ r ~ f a n d
receive the principal and interest secured thereby, shall be coupons.
transferable by delivery.

15. (1) So long as any of the debentures remain Fy't;:?
outstanding the Accountant-General shall, in each half year, interest.
appropriate from the fund a sum equal to the amount of
interest then due on the whole of the outstanding deben-
tures and with that sum shall pay the interest then due on
the outstanding debentures on the day when it falls due.

( 2 ) Where the Fund is insufficient to provide the
necessary monies for the payment of interest on debentures
when it becomes due the deficiency shall be made good out
of the general revenues and assets of Antigua and Barbuda.

(3) Debentures shall not be deemed to be outstanding
for the purposes of this Act by reason only that one or more
of the debentures have not been presented for payment on

LAWS OF ANTIGUA AND BARBUDA

6 CAP. 102) Cooks Hill (Acquisition Development
and Sale) Loan

the day fixed or appointed for payment and have, in conse-
quence, not been paid.

Redemption of
debentures.

16. The debentures issued under the provisions of this
Act shall be redeemable at a price not exceeding par on a
fixed date to be declared on the issue of the debentures:

Provided that the Financial Secretary may reserve the
option to redeem the debentures or part of them by draw-
ings or otherwise at any time prior to such date on such con-
ditions as may be declared at the time of issue.

Payment of
debentures.

17. (1) Upon the day fixed for the redemption of
debentures, the Accountant-General shall, at the Treasury,
on demand, pay from the Fund to the holders of the deben-
tures due for repayment, the principal money secured by
such debentures with all interest payable thereon up to that
date.

(2) Where the Fund is insufficient to provide the
necessary monies for the repayment of the principal sums
secured by debentures when they become due for repayment,
the deficiency shall be made good out of the general revenues
and assets of Antigua and Barbuda.

Cesser of
Interest.

18. From and after the day fixed or appointed for
the repayment of any debenture, all interest on the prin-
cipal monies secured thereby shall cease and determine,
whether or not payments of the principal shall have been
demanded.

Cancellation of 19. Upon payment of the principal monies secured
debentures.

by any debenture, the debenture shall be delivered to the
Accountant-General to be by him cancelled and retained.

LAWS OF ANTIGUA AND BARBUDA

Cooks Hill (Acquisition Development (CAP. 102 7
and Sale) Loan

SCHEDULE

ALL THAT piece or parcel of land situate at Cooks Hill in
the Parish of Saint John in the Island of Antigua of an area of
22.66 acres and bounded as follows, that is to say, on the North
by lands of LLOYD and others and by lands of A. ROMNEY,
A. WILLIAMS, B. WILLIAMS, THOMAS, and FARMER, on the South
by lands of Cooks Estate including that portion thereof compris-
ing 2.23 acres used as a stone quarry, on the East by lands of
ZRMBLIN and by lands of MORGAN and on the West by lands of
Cooks Estate including that portion thereof comprising 2.23 acres
used as a stone quarry, all as the same is delineated and shown
on the plan of the said 22.66 acres made by Charles Arthur Shand
Mallpike, Licensed Surveyor, dated the 20th day of May, 1965,
kcing part of the lands mentioned and described in Deed of Con-
veyance between JOHN ISAAC MARTIN and ELDEANA ROBERTA
MARTIN No. 21611959 and registered in Liber A Volume 36
Folio 195.
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