L.R.O. 1/2012
LAWS OF GUYANA
PUBLIC GENERAL LOAN (SUPPLEMENTARY) ACT
CHAPTER 74:02
Act
24 of 1941
Amended by
O. 80/1980







(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
1 – 5 ... 1/2012
LAWS OF GUYANA
Cap. 74:02
L.R.O. 1/2012
Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.
Public General Loan (Supplementary) 2
LAWS OF GUYANA
Cap. 74:02
CHAPTER 74:02
PUBLIC GENERAL LOAN (SUPPLEMENTARY) ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Method of raising loan.
3. Loan and interest charged to be part of public debt.
4. (a) Provisions for and payment of interest;
(b) Provision for sinking fund;
(c) Amount of annual contribution to sinking fund;
(d) Investment of sinking fund;
(e) Any deficiency in sinking fund to be made good out of revenues.
__________________________ 1953 Ed.
c. 288 _______________________________________________________
24 of 1941 An Act to make further provision for the raising of
loans for public purposes.
[16TH DECEMBER, 1941]
Short title.
Method of
raising loan.
c. 74:01

1. This Act may be cited as the Public General Loan
(Supplementary) Act.
2. Anything to the contrary contained in the General
Loan and Stock Act notwithstanding, whenever authority
shall have been given to the Minister by Act to raise by loan
in London any sum of money for public purposes such loan,
or any part thereof, may be raised independently of that Act
and under this Act if the Minister, or the Crown Agents in the
United Kingdom for Overseas Governments and
Administrations (hereinafter referred to as the Crown Agents)
acting on the Minister’s behalf, so decide.
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3 Public General loan (Supplementary)
LAWS OF GUYANA
Cap. 74:02
L.R.O. 1/2012
Loan and
interest
charged to be
part of public
debt.
c. 1:01
Provisions for
and payment of
interest.
Provision for
sinking fund.
Amount of
annual
contribution to
3. The principal moneys and interest represented by
any loan raised under this Act shall be part of the public debt
of Guyana within the meaning of Article 221 of the
Constitution.
4. The following provisions shall apply to each loan
raised under this Act:
(a) so long as any portion of the
loan remains outstanding the
Minister shall in each half-year
ending with the day on which the
interest on the loan falls due
appropriate out of the Consolidated
Fund a sum equal to one half-year’s
interest on the whole of the loan
outstanding and shall remit that sum
to the Crown Agents at such time as
will enable them to pay thereout the
then current half- year’s interest on
the date on which it falls due;
(b) the Minister shall also in each half-
year ending as aforesaid appropriate
out of the Consolidated Fund for the
formation of a sinking fund for the
repayment of the loan at par an
additional sum in respect of the total
nominal amount of the loan
outstanding equal to one-half of the
annual contribution to be decided
upon by the Minister on the issue of
the loan and shall remit that sum to
the Crown Agents with the remittance
hereinbefore mentioned;
(c) the amount of the annual
contribution to the sinking fund
under the last preceding paragraph
Public General Loan (Supplementary) 4
LAWS OF GUYANA
Cap. 74:02
sinking fund.

Investment of
sinking fund.

Any deficiency
in sinking fund
to be made
good out of
revenues.
shall be not less than such amount as
may be determined to be sufficient to
redeem the loan at its due date;
(d) the Crown Agents shall invest so
much of the money remitted to them
as aforesaid as shall not be required
for the payment of interest for the
current half-year in the purchase of
such securities as may be approved
by the Minister as a sinking fund for
the final extinction of the debt and the
Crown Agents shall also invest the
dividends, interest or produce of such
investments in the purchase of like
securities and may from time to time
with the approval of the Minister
change any such investments and
shall hold such funds in trust for
the repayment of the principal
moneys for the time being
represented by the loan;
(e) if the sinking fund created to
extinguish the loan shall be
insufficient for the payment of all
the principal moneys borrowed at the
time the same shall have become due
the Minister shall make good the
deficiency out of the Consolidated
Fund.
__________________
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5 Public General loan (Supplementary)