Loans (United Kingdom) Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap073.pdf
Published: 2000

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.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Loan (United Kingdom) [CAP. 73

[ ]

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.
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