Loans (Commonwealth Development Corporation) Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap075.pdf
Published: 2000

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

[ ]

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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

[ ]

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(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.

,

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.
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