Government Loans Amendment Act 1998

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Government Loans Amendment Act 1998


1998 : 13


[Date of Assent 31 March 1998]

[Operative Date 1 April 1998]

WHEREAS it is expedient to amend the Government Loans Act

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Citation and commencement
1 (1) This Act which amends the Government Loans Act 1978
(hereinafter referred to as "the principal Act") may be cited as the
Government Loans Amendment Act 1998 and, except for section 3, shall
come into operation on 1 April 1998.

(2) Section 3 shall be deemed to have come into operation on
22 March 1993.

Amends section 2A of principal Act
2 Section 2A of the principal Act is amended in subsection (1) by
inserting next after the words "public debt" the words ", less the amount
of any moneys at any time in the Fund,".



Amends section 12 of principal Act
3 Section 12 of the principal Act is amended—

(a) in subsection (3), by deleting the full stop at the end of
paragraph (c) and substituting the word "; or" and by
inserting next after that paragraph the following—

"(d) made by the Government to the Bermuda
Housing Corporation;" and

(b) by inserting next after subsection (4) the following—

" (5) In this section "the Bermuda Housing
Corporation" means the Corporation established under
section 2 of the Bermuda Housing Corporation Act 1973
and continued under section 4 of the Bermuda Housing
Act 1980.".

Inserts new sections 12B to 12E in principal Act
4 The principal Act is amended by inserting next after section 12A
the following new sections—

"Adjustment of the Fund
12B If at any time the amount of money in the Fund is, in the
opinion of the Minister, more than sufficient to cancel the total
amount of the public debt, the Minister may transfer into the
Consolidated Fund an amount equal to the amount by which the
moneys in the Fund exceed the total amount of the public debt.

Accounts and audit
12C (1) The Minister shall cause proper accounts, and
proper records in relation to the accounts, of the Fund to be
kept, and shall cause to be prepared in respect of each financial
year a statement of the accounts of the Fund in such form as the
Minister may direct.

(2) Within six months after the end of each financial
year the Minister shall send to the Auditor a copy of the
statement of the accounts referred to in subsection (1) for that
financial year.

Auditors report
12D The Auditor shall examine every statement of accounts
received by him under section 12C(2) and shall make a report in
writing on the statement to the Minister.



Annual report to the Legislature
12E The Minister shall lay before each House of the
Legislature a copy of the report referred to in section 12D.".