Higher Education (Loans to (CAP. 199 1
T H E HIGHER EDUCATION (LOANS T O PRIVATE
Arrangement of Sections
1. Short title.
2 . Interpretation.
3. Higher Education Loan Fund established.
4. Antigua and Barbuda Development Bank to administer
5. Advisory Committee.
6. Power to make loans.
7 . Financial statements to be audited and submitted to
8. Interest on loans.
H I G H E R EDUCATION (LOANS T O PRIVATE
(30th December, 1974.) 2111974.
1. This Act may be cited as the Higher Education Short title.
(Loans to Private Students) Act.
2. In this Act unless the context otherwise requires- Interpretation.
"Minister" means the Minister from time to time charg-
ed with the responsibility for Finance.
LAWS OF ANTIGUA AND BARBUDA
2 CAP. 199) Higher Education (Loans to
Higher Educatio-n 3. There is hereby established a Higher Education
established. Loan Fund (hereinafter referred to as "the Fund7') into which
shall be paid-
(a) any monies provided by Parliament for
establishing the Fund;
(6) all monies provided by the Caribbean Develop-
ment Bank for payment into the Fund;
( 6 ) all monies which represent the repaying of the
capital of any loan, or any interest thereon paid by any
person to whom a loan is made under the provisions
of this Act; and
(4 all such other monies as may be lawfully paid
into the Fund under any other written law.
4. (1) The Antigua and Barbuda Development Bank
Development established under the Antigua and Barbuda Development
Bank Act (hereinafter called "the Bank") shall be the agency
~ a p . 2 4 . responsible for the administration and management of the
(2) The aforesaid agency shall not make any loan under
this Act unless such loan shall have been previously approv-
ed by the Board of Directors of the Bank or by such person
to whom the Board may by resolution delegate its functions
under this subsection.
Advisory 5 . (1) For the purpose of assisting the Bank with the
Committee. administration of this Fund and advising upon the granting
of loans, there is hereby established an Advisory Committee
consisting of the Chairman of the Board of Directors of the
Bank, the Accountant-General, Chief Education Officer, the
General Manager of the Bank and three other persons who
shall be appointed by the Minister.
(2) The appointed members of the Advisory Commit-
tee may be appointed for such period not exceeding two years
as the Minister determines and shall be eligible for
(3) The Chairman of the Advisory Committee shall be
the Chairman of the Bank, who shall have a casting as well
as a discretionary vote.
LAWS OF ANTIGUA AND BARBUDA
Higher Education (Loans (CAP. 199 3
to Private Students)
6. The Bank may, subject to the provisions of this k:: to make
Act and regulations made thereunder, make loans from the
Fund to persons approved by the Board of Directors of the
Bank for the purpose of pursuing studies in Higher Educa-
tion at institutions approved by the Bank.
7. An account of the financial transactions of the Fund Financial
statements to be
shall be prepared by the Bank in respect of the period ending audited and
the thirty-first day of December in every year and transmit- submitted to
ted to the Auditor for his certification and report. Every such
account after certification and report shall be laid before
8. All loans shall bear interest at such rates as may Interest loans.
be prescribed by regulations made under this Act.
9. The Minister, after consultation with the Minister Regulations.
responsible for education, may make regulations for-
( a ) the discharge by the Bank and the Advisory
Committee of their functions and duties;
( b ) the filling of vacancies on the Advisory
(c) the terms and conditions under which loans may
be made; and
(6) generally for the better carrying out of the
objects and purposes of this Act.