CAP. 75 LOANS (COMMONWEALTH DEVELOPMENT CORPORATION) ACT BELIZE
LOANS (COMMONWEALTH DEVELOPMENT
CORPORATION) ACT
CHAPTER 75
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
LOANS (COMMONWEALTH DEVELOPMENT
CORPORATION) ACT 3
Amendments in force as at 31st December, 2000.
BELIZE
LOANS (COMMONWEALTH DEVELOPMENT
CORPORATION) ACT
CHAPTER 75
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
LOANS (COMMONWEALTH DEVELOPMENT
CORPORATION) ACT 3
Amendments in force as at 31st December, 2000.
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Commonwealth Development Corporation) [CAP. 75
[ ]
3
CHAPTER 75
LOANS (COMMONWEALTH DEVELOPMENT CORPORATION)
ARRANGEMENT OF SECTIONS
1. Short title.
2. Interpretation.
3. Powers relating to borrowing from CDC.
4. Purpose of loans.
5. Sums charged upon Consolidated Revenue Fund.
6. All powers and duties exercisable by the Minister.
7. Exemption from tax, exchange control, etc.
CHAPTER 75
LOANS (COMMONWEALTH DEVELOPMENT CORPORATION)
[18th November, 1982]
1. This Act may be cited as the Loans (Commonwealth Development
Corporation) Act.
20 of 1982.
Short title.
CAP. 65 B,
R.E. 1980-1990.
4
2. In this Act unless the context otherwise requires-
“CDC” means the Commonwealth Development Corporation, a statutory
corporation incorporated in the United Kingdom;
“CDC loans” means all loans from CDC which are either-
(a) made to the Government; or
(b) made to any other borrower (whether statutory
authority, limited company, or other person, as the
case may be) and guaranteed by the Government;
“Minister” means the Minister for the time being charged with responsibility
for finance;
“Relevant Documents” means all loan agreements in respect of CDC loans,
all guarantees in favour of CDC, and all undertakings, bonds, promissory
notes, instruments or documents of any kind whatsoever entered into or
issued or to be entered into or issued (whether by the Government as
borrower or guarantor or by any other borrower from CDC) in relation to
any CDC loans; and any reference to “Relevant Documents” includes any
endorsement on any of the foregoing documents;
“statutory authority” means any statutory authority, statutory corporation, or
other body corporate established directly by statute and exercising powers
vested in such body by law for public purposes.
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, and the guaranteeing of, loans by CDC in any
currency or currencies whatsoever and in such manner and on such terms
and conditions as may be agreed with CDC, and those powers shall (with-
out prejudice to the generality of the foregoing) include power to-
Interpretation.
Powers relating
to borrowing
from CDC.
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Commonwealth Development Corporation) [CAP. 75
[ ]
5
(a) borrow from CDC from time to time such sums as
may be agreed with CDC;
(b) guarantee to CDC the discharge by borrowers from
CDC of borrowers’ obligations to CDC and to
undertake such other obligations in connection with
any Relevant Documents as may be agreed with
CDC;
(c) enter into, issue, sign and endorse such Relevant
Documents as the Government may consider neces-
sary 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 CDC;
(d) 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 or guarantee possessed by the Government.
(3) As soon as possible after the signing of any loan agreement
between the Government and CDC or of any guarantee or other undertaking
by the Government in favour of CDC, the Minister shall cause a statement
thereof to be laid before the National Assembly.
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
Purpose of loans.
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be approved by the Minister and CDC 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
appropriation 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 Consoli-
dated 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 CDC 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 of sums
falling due to CDC under Relevant Documents (and transactions required to
give effect to such payments) shall be free of all exchange control restric-
tions 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.
Sums charged
upon
Consolidated
Revenue Fund.
All powers and
duties exercisable
by the Minister.
Exemption
from tax, exchange
control, etc.
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No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Commonwealth Development Corporation) [CAP. 75
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(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
subsections (1), (2) and (3) of this section, then (without prejudice to the
generality of those subsections) the Government shall promptly-
(a) grant or procure the granting of all such consents and
authorisations as may be necessary; and
(b) take all such other steps as may be necessary.
(5) The Government may grant like exemptions and concessions to
CDC in respect of-
(a) any obligations of borrowers under loan agreements
with CDC which are not guaranteed by the Govern-
ment;
(b) any proceeds of sales and realisations of shares in
any limited companies; and
(c) any dividends, charges, fees, remuneration, or
payments or obligations of any other kind whatso-
ever.
(6) The Minister may by Order published in the Gazette provide for
any of the matters referred to in subsections (4) and (5) of this section.
