Loan Stock Authorisation Act


Published: 1976

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Loan Stock Authorisation (CAP. 251 1

CHAPTER 251

THE LOAN STOCK AUTHORISATION ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Minister authorised to borrow.
4. Purposes to which money borrowed to be applied.
5. Borrowing by Issue of Registered Loan Stock.
6. Creation of Fund.
7. Powers of trustees.

LOAN STOCK AUTHORISATION

1. This Act may be cited as the Loan Stock Authorisa- Short
tion Act.

2. In this Act, unless the context otherwise requires- Intevretation.

"due date" means the date on which the bonds are due
to be redeemed in terms of the prospectus.

"Minister" means the Minister responsible for the
subject of finance.

3. Notwithstanding the terms of any other law in to
force, the Minister may from time to time borrow money borrow.
in terms of this Act, and any money so borrowed and the

LAWS OF ANTIGUA AND BARBUDA

2 CAP. 251) Loan Stock Authorisation

interest due thereon are hereby charged upon and shall be
payable out of the Consolidated Fund.

Purposes to
which money

4. Any money borrowed in the terms of section 3 shall
borrowed to be be applied to the following purposes-
applied.

Cap. 134.

(i) The repayment of capital expenditure incurred
during the financial years 1973, 1974 and
1975;

(ii) The financing of projects approved in the
estimates prepared in accordance with the
Development Fund Act;

(iii) The repayment of public debt incurred for
development purposes;

(iv) The meeting of expenses incurred in raising
and administering the loan.

Borrowing by
Issue of

5 . In exercising the power conferred on him in
Reg.istered Loan section 3 the Minister shall issue Bonds, to be known as
stock. Registered Loan Stock, on such terms and conditions as he

may deem appropriate and such terms and conditions shall
be set forth in a prospectus inviting applications for the Bonds,
and such prospectus shall be published in three consecutive

. issues of the Gazette and a newspaper circulating publicly in
Antigua and Barbuda.

Creation of 6. (1) Within one year of the date of issue of the
Fund. prospectus there shall be established, by appropriation, a

sinking fund for the redemption of the loan on the due date
and that fund shall be administered by a trustee or trustees
appointed by the Minister; such trustee or trustees shall be
named in the prospectus.

(2) If the sinking fund created by this section is insuffi-
cient to extinguish the debt at the due date, the deficiency
shall be made good by appropriation.

Powers of
trustees. 7. The trustees shall invest, administer and place at

interest the sinking fund in such a manner as they think best,
acting in accordance with the general directions of the
Minister, to redeem the loan and extinguish the debt. Interest
and dividends so earned shall be administered in like manner.