This Act may be cited as the Guarantee (High Commission Posts and Telecommunications Loan) (No.1) Act.
In this Act, except where the context otherwise requires—
“final judgment, decree, rule or order” means in case of appeal the final judgment, decree, rule or order of the ultimate court hearing the appeal;
“High Commission (Posts and Telecommunications Loan) securities” means all securities created or issued by the High Commission for the purpose of raising a loan of four million five hundred thousand pounds sterling authorized by the Loan (Posts and Telecommunications) Act (Cap. 15 (1951)) of the High Commission to which for the time being the Colonial Stock Acts, 1877 to 1948, of the United Kingdom apply, and which are for the time being registered in the United Kingdom in accordance with the provisions of those Acts. [No. 12 and 13, Geo. 6, c. 1.]
Guarantee of loan
Payment of the principal of and interest on any loan raised by the High Commission under the authority of the Loan (Posts and Telecommunications) Act (Cap. 15) (1951) of the High Commission, to the extent to which such principal and interest are not paid out of the Posts and Telecommunications Fund maintained for the Administration under section 41 of the East Africa (High Commission) Order in Council, 1947, is hereby guaranteed out of the general revenues and funds of Kenya:
Provided that payments in respect of the amount of the principal of the loan guaranteed under this Act shall not in the aggregate exceed four million seven hundred and fifty thousand pounds sterling.
Sums charged on general revenues
Any sum required for fulfilling any guarantee under this Act shall be charged upon and paid out of the general revenues and other funds of Kenya, and the Minister shall appropriate out of the general revenues and funds of Kenya and remit to the Crown Agents any such sum, and any sum received by way of repayment of any sum so paid shall form part of the general revenues.
[L.N. 374/1964, Sch..]
Provision for payment of money due to stockholders
(1) Whenever by the final judgment, decree, rule or order of any court of competent jurisdiction in the United Kingdom any sum of money is adjudged or declared to be payable in respect of any of the High Commission (Posts and Telecommunications Loan) securities, then that sum, if not forthwith paid by the High Commission, shall forthwith be paid by the Minister out of the funds of Kenya in the hands of the Crown Agents without further appropriation than this Act.
(2) If the sum received by the Crown Agents under section 4 of this Act is insufficient for the payment of any sum adjudged or declared to be payable under subsection (1) of this section, any balance required to meet such deficit shall be charged upon and paid out of the general revenues and funds of Kenya, and the Minister shall forthwith appropriate out of such general revenues and funds and shall remit to the Crown Agents a sum equal to the amount of the said balance; and the said sum shall be applied by the Crown Agents in the satisfaction of any such final judgment, decree, rule or order.
[Act No. 59 of 1951, s. 2, L.N. 374/1964, Sch.]
Certificate of Crown Agents
In order to enable every such payment to be duly made, a certificate under the hand of the Crown Agents, specifying the sums so paid under order of any court, shall be sufficient authority to the Controller and Auditor-General, or other officer having the auditing of their accounts, for passing such sum without further appropriation.
Deleted by L.N. 374/1964, Sch.