CAP. 67 BANANA INDUSTRY LOAN ACT BELIZE

BANANA INDUSTRY LOAN ACT

CHAPTER 67

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

BANANA INDUSTRY LOAN ACT 3

Amendments in force as at 31st December, 2000.

BELIZE

BANANA INDUSTRY LOAN ACT

CHAPTER 67

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

BANANA INDUSTRY LOAN ACT 3

Amendments in force as at 31st December, 2000.

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

Printed by the Government Printer,

No. 1 Power Lane,

Belmopan, by the Authority of

the Government of Belize

Banana Industry Loan [CAP. 67

[ ]

3

CHAPTER 67

BANANA INDUSTRY LOAN

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation.

3. Minister may guarantee loan.

4. Power to issue instrument.

5. Purpose of loan.

6. Moneys charged upon Consolidated Revenue Fund.

7. Remission of taxes, etc.

CHAPTER 67

BANANA INDUSTRY LOAN

[12th April, 1980]

1. This Act may be cited as the Banana Industry Loan Act.

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

“Loan Agreement” means the Loan Agreement dated 4th October, 1979 and

made between-

(a) the Government,

CAP. 54,

R.E. 1980-1990.

5 of 1980.

Short title.

Interpretation.

(b) the Banana Control Board, and

(c) the Commonwealth Development Corporation

relating to a loan not exceeding one million five hundred thousand pounds

sterling;

“Minister” means the Minister for the time being charged with responsibility

for finance.

3. Notwithstanding any other Act, the Minister is hereby authorised to

guarantee to the Commonwealth Development Corporation, in such manner

and on such conditions as he may think fit, the discharge by the Banana

Control Board of all or part of its obligations under the Loan Agreement.

4. The Minister may issue such promissory notes or other instruments and

enter into such agreement as may be necessary for the purpose of issuing

any guarantee under the authority of this Act and any such promissory

notes, instruments or agreements may be signed or executed by the Minister

or by any person or persons authorised in writing by the Minister.

5. The money borrowed by the Banana Control Board under the Loan

Agreement shall be applied for the purposes described in the Loan Agree-

ment, namely the completion of development of lands for banana cultivation

in the Cowpen area and other areas of Belize, the irrigation of these and

other lands and the meeting of any expenses ancillary thereto.

6. All sums required to be paid by the Government for the purpose of

meeting the obligations of Belize under any promissory note, instrument,

agreement or guarantee issued under this Act are hereby charged upon and

shall be paid out of the Consolidated Revenue Fund and assets of Belize

without further appropriation than this Act and any sum received by way of

repayment of any sum so paid shall be paid into and form part of the Con-

solidated Revenue Fund and assets of Belize. The Minister may authorise

Minister may

guarantee loan.

Power to issue

instrument.

Purpose of loan.

Moneys

charged upon

Consolidated

Revenue Fund.

,

No. 1 Power Lane,

Belmopan, by the Authority of

the Government of Belize

Banana Industry Loan [CAP. 67

[ ]

5

withdrawal of moneys from the Consolidated Revenue Fund and assets of

Belize for the purpose of meeting the obligations of Belize referred to in this

section.

7. The Minister may by Order published in the Gazette provide that any

tax, duty or fee payable under the Income and Business Tax Act or the

Stamp Duties Act or the General Registry Act or any other enactment shall

be remitted where such remission is, in the opinion of the Minister, necessary

to give full effect to the Loan Agreement or to any agreement, promissory

note, instrument, guarantee or undertaking to which this Act applies.

Remission

of taxes, etc.

CAP. 55.

CAP. 64.

CAP. 327.