CAP. 79 LOANS (EUROPEAN INVESTMENT BANK) ACT BELIZE

LOANS (EUROPEAN INVESTMENT BANK) ACT

CHAPTER 79

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 (EUROPEAN INVESTMENT BANK) ACT 4

Amendments in force as at 31st December, 2000.

BELIZE

LOANS (EUROPEAN INVESTMENT BANK) ACT

CHAPTER 79

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 (EUROPEAN INVESTMENT BANK) ACT 4

Amendments in force as at 31st December, 2000.

Loans (European Investment Bank)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

3

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No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize. [ ]

[CAP. 79

CHAPTER 79

LOANS (EUROPEAN INVESTMENT BANK)

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation.

3. Powers relating to borrowing from EIB.

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.

_____________

Loans (European Investment Bank)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

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No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

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CAP. 79 ]

CHAPTER 79

LOANS (EUROPEAN INVESTMENT BANK)

[18th November, 1983]

1. This Act may be cited as the Loans (European Investment Bank) Act.

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

“EIB” means European Investment Bank;

“EIB Loans” means all loans from EIB 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 EIB loans, all guarantees in favour of EIB, 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 EIB) in relation to any EIB loans; and any reference to “Relevant Documents” includes any en- dorsement on any of the foregoing documents;

“statutory authority” means any statutory authority, statutory corpora- tion, or other body corporate established directly by statute and exercising powers vested in such body by law for public purposes.

13 of 1983.

Short title.

Interpretation.

CAP. 65D,

R.E. 1980-1990.

Loans (European Investment Bank)

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[CAP. 79

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 EIB in any currency or currencies whatsoever and in such manner and on such terms and conditions as may be agreed with EIB, and those powers shall (without prejudice to the generality of the foregoing) include power to-

(a) borrow from EIB from time to time such sums as may be agreed with EIB;

(b) guarantee to EIB the discharge by borrowers from EIB of borrowers’ obligations to EIB and undertake such other obligations in connection with any Relevant Documents as may be agreed with EIB;

(c) 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 EIB;

(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 EIB or of any guarantee or other undertakings by the Government in favour of EIB, 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 be approved by the Minister and EIB in writing.

Powers relating

to borrowing

from EIB.

Purpose of

loans.

Loans (European Investment Bank)

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Belmopan, by the authority of

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CAP. 79 ]

5. Any sums required to be paid by 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 appropria- tion 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 exer- cised 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 EIB 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 EIB under Relevant Documents (and transactions required to give 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 subsections (1), (2) and (3) of this section, then (without prejudice to the gen- erality 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

Sums charged

upon Consoli-

dated

Revenue

Fund.

All powers and

duties exercis-

able by the

Minister.

Exemption

from tax,

exchange

control, etc.

Loans (European Investment Bank)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

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the Government of Belize. [ ]

[CAP. 79

to EIB in respect of-

(a) any EIB obligations of borrowers under loan agreements with EIB which are not guaranteed by the Government;

(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 whatsoever.

(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.