Belize Defence Fund Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap084.pdf
Published: 2000

CAP. 84 BELIZE DEFENCE FUND ACT BELIZE

BELIZE DEFENCE FUND ACT

CHAPTER 84

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

BELIZE DEFENCE FUND ACT 4

Amendments in force as at 31st December, 200

BELIZE

BELIZE DEFENCE FUND ACT

CHAPTER 84

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

BELIZE DEFENCE FUND ACT 4

Amendments in force as at 31st December, 200

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

Printed by the Government Printer,

No. 1 Power Lane,

Belmopan, by the Authority of

the Government of Belize.

Belize Defence Fund [CAP. 84

[ ]

3

CHAPTER 84

BELIZE DEFENCE FUND

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation.

3. Authority to borrow.

4. Belize Defence Fund.

5. Application of loan.

6. Method of raising loan.

7. Loans, etc., to be charged on the Consolidated Revenue Fund.

8. Mode of providing for payment of interest on bonds and for

contributions to sinking fund.

____________

CHAPTER 84

BELIZE DEFENCE FUND

[20th December, 1993]

1. This Act may be cited as the Belize Defence Fund Act.

2. In this Act, “Minister” means the Minister responsible for finance.

3. The Minister may raise by loan an amount sufficient to produce as

nearly as may be the sum of twenty-five million dollars, and such further sum

as may be necessary to defray the expenses of issue.

4.-(1) There is hereby established a fund to be known as the Belize

Defence Fund to meet the expenses connected with the Belize Defence

Force.

(2) All sums raised under the provisions of this Act shall be paid into the

Belize Defence Fund established under this section.

5.-(1) Any sums raised to defray the expenses of issue shall be applied

only to that purpose.

(2) Save as aforesaid, all sums borrowed under this Act shall be

appropriated and applied to the expenses connected with the Belize De-

fence Force.

6.-(1) The loan hereby authorised, or any part thereof, may be raised in

Belize under the provisions of the Local Public Loans Act by the issue of

Defence Bonds with a maturity period of up to fifteen years.

1

This Act came into force on the 20th day of December, 1993, the day it received the assent

of the Governor-General.

18 of 1993.

Commencement.1

Short title.

Interpretation.

Authority to

borrow.

Belize Defence

Fund.

Application of

loan.

Method of raising

loan.

CAP. 80.

,

No. 1 Power Lane,

Belmopan, by the Authority of

the Government of Belize.

Belize Defence Fund [CAP. 84

[ ]

5

(2) The expression “debentures” appearing in the said Public Loans Act

shall be deemed to include Defence Bonds referred to in subsection (1)

above.

7. All amounts are hereby charged on and shall be payable out of the

Consolidated Revenue Fund and assets of the Government of Belize as may

be required for the repayment of any sums borrowed under the powers

conferred by this Act and all interest and other charges on any such sums.

8.-(1) So long as any of the Defence Bonds remain outstanding the Minister

shall, in each half-year ending with the day on which the interest on the

Defence Bonds falls due, appropriate out of the Consolidated Revenue Fund

and assets of Belize a sum equal to one half-year’s interest on the whole of

the Defence Bonds issued, including any which may have been redeemed.

(2) The Minister shall also in the half-year ending on the date specified in

the terms of issue of the loan as that on which the first contribution to the

sinking fund shall be taken and in each subsequent half-year appropriate out

of the Consolidated Revenue Fund and assets of Belize for the formation of a

sinking fund an additional sum equal to one-half of the annual contribution to

be decided upon by the Minister on the issue of the loan.

(3) The contributions to the sinking fund referred to in subsection (2)

above shall commence not later than three years after the date from which the

interest on the Defence Bonds issued under this Act commences to run.

(4) The contribution shall be in respect of the total nominal amount of all

Defence Bonds issued, including any which may have been redeemed.

(5) Defence Bonds shall not be deemed to be outstanding for the

purposes of this Act by reason only that one or more of the Defence Bonds

have not been presented for payment on the day appointed for payment and

have, in consequence, not been paid.

CAP. 80.

Loans, etc.,

to be charged

on the

Consolidated

Revenue Fund.

Mode of

providing for

payment of

interest on

bonds and for

contributions to

sinking fund.
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