CAP. 73 LOAN (UNITED KINGDOM) ACT BELIZE
LOAN (UNITED KINGDOM) ACT
CHAPTER 73
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
LOAN (UNITED KINGDOM) ACT 3
Amendments in force as at 31st December, 2000.
BELIZE
LOAN (UNITED KINGDOM) ACT
CHAPTER 73
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
LOAN (UNITED KINGDOM) ACT 3
Amendments in force as at 31st December, 2000.
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loan (United Kingdom) [CAP. 73
[ ]
3
CHAPTER 73
LOAN (UNITED KINGDOM)
ARRANGEMENT OF SECTIONS
1. Short title.
2. Interpretation.
3. Powers relating to borrowing from UK.
4. Purpose of loan.
5. Sums charged upon Consolidated Revenue Fund.
6. All powers and duties exercisable by the Minister.
7. Exemption from tax, exchange control, etc.
CHAPTER 73
LOAN (UNITED KINGDOM)
[16th May, 1984]
1. This Act may be cited as the Loan (United Kingdom) Act.
2. In this Act, unless the context otherwise requires-
“Minister” means the Minister for the time being charged with responsibility
Short title.
Interpretation.
CAP. 65E,
R.E. 1980-1990.
5 of 1984.
4
for finance;
“Relevant Documents” means all loan agreements in respect of the UK loan,
and all undertakings, bonds, promissory notes, instruments or documents of
any kind whatsoever entered into or issued or to be entered into or issued
by the Government as borrower in relation to the UK loan; and any refer-
ence to “Relevant Documents” includes any endorsement on any of the
foregoing documents;
“UK” means the United Kingdom Government;
“UK loan” means the loan from UK which is made to the Government.
3.-(1) The Government shall have full powers under this Act to do all such
things which the Government may consider necessary or expedient in
relation to the obtaining of the loan from UK of six million pounds sterling in
any currency or currencies whatsoever and in such manner and on such
terms and conditions as may be agreed with UK, and those powers shall
(without prejudice to the generality of the foregoing) include power to-
(a) enter into, issue, sign and endorse such Relevant
Documents as the Government may consider
necessary or expedient in connection with any of the
powers mentioned in this section and to do so upon
and subject to such terms and conditions as may be
agreed with UK;
(b) do all things incidental or conducive to the exercise
of the powers mentioned in this section.
(2) Nothing in the provisions of this Act shall affect or derogate
from any other power to borrow possessed by the Government.
Powers relating
to borrowing from
U. K.
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No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loan (United Kingdom) [CAP. 73
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5
4. Any sums borrowed by the Government under the powers conferred by
section 3 are hereby appropriated to the purposes for which they were
borrowed as specified in Relevant Documents:
Provided that where any part of such sums cannot be applied to the
purposes aforesaid such part may be applied to such other purposes as may
be approved by the Minister and UK in writing.
5. Any sums required to be paid by the Government for the purpose of
meeting obligations under Relevant Documents are hereby charged upon and
shall be paid out of the Consolidated Revenue Fund without further appro-
priation than this Act. Any repayments to the Government in respect of such
sums shall be paid into and form part of the Consolidated Revenue Fund.
The Minister may authorise withdrawal of moneys from the Consolidated
Revenue Fund for the purpose of meeting the obligations referred to in this
section.
6. The powers and duties of the Government under this Act may be
exercised and performed in the name of the Minister for and on behalf of the
Government, and all Relevant Documents and matters requiring signature in
relation thereto may be signed for and on behalf of the Government by the
Minister or by any other person specifically authorised in that behalf in writing
by the Minister.
7.-(1) Sums falling due to UK under Relevant Documents shall be exempt
from, and payable without any deduction in respect of, any withholding tax or
other tax, levy, duty, fee or impost of any nature whatsoever.
(2) Relevant Documents shall be exempt from stamp and similar duties
and charges.
(3) Notwithstanding anything to the contrary, payments or sums falling
due to UK under Relevant Documents (and transactions required to give
Purposes
of loan.
Sums charged
upon
Consolidated
Fund.
All powers and
duties exercisable
by the Minister.
Exemption from
tax, exchange
control, etc.
6
effect to such payments) shall be free of all exchange control restrictions and
regulations so that such payments may be made in the manner, at the place,
and in the currency or currencies provided for in Relevant Documents.
(4) If at any time it should prove necessary, in order to give full effect
to the provisions of any Relevant Documents or to the provisions of subsec-
tions (1), (2) and (3) of this section, then (without prejudice to the generality
of those subsections) the Government shall promptly-
(a) granted or procure the granting of all such consents
and authorisations as may be necessary; and
(b) take all other steps as may be necessary.
(5) The Minister may, by Order published in the Gazette, provide
for any of the matters referred to in subsection (4) of this section.
