This Act may be cited as the Guarantee (High Commission Posts and Telecommunications Loan) (No. 2) 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 on behalf of the Administration for the purpose of raising the loan of six million pounds sterling or the equivalent in pounds sterling and other currencies authorized by the Act of 1953 to which securities 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;
“the Treasury” means the Commissioners for the time being of Her Majesty’s Treasury in the United Kingdom. [Nos. 12 and 13, Geo. 6, c. 1.]
Guarantee of loan
(1) The payment of the principal moneys authorized to be raised by the High Commission under the authority of the Act of 1953 and any interest and other charges thereon, is, to the extent to which such principal moneys and interest and other charges are not paid out of the Posts and Telecommunications Fund maintained for the Administration under the provisions of section 97 of the East African Posts and Telecommunications Administration Act (Cap. 4 (1951)), hereby guaranteed out of the general revenues and funds of Kenya:
Provided that the aggregate amount of principal moneys guaranteed under this Act shall not exceed six and a half million pounds sterling.
(2) The guarantee created by subsection (1) of this section shall extend to the repayment to the Treasury of any sums due to be repaid to the Treasury under section 8 of the Act of 1953.
Sums charged on general revenues
Any sum required for fulfilling the guarantee created by 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 the Minister by way of the repayment of any sum so paid shall form part of the general revenues of Kenya.
[L.N. 374/1964, Sch.]
Provision for payment of money due to stockholder
(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) securities, then that sum, if not forthwith paid by the High Commission, shall be paid by the Minister out of the funds of Kenya in the hands of the Crown Agents without other or further appropriation than this Act.
(2) Whenever any sum of money is required to be paid to the Treasury under section 8 of the Act of 1953, then that sum, if not forthwith paid by the High Commission, shall be paid by the Minister out of the funds of Kenya in the hands of the Crown Agents without other or further appropriation than this Act.
(3) If the sum remitted to 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 or of any sum required to be repaid to the Treasury as aforesaid, 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 the amount due under any such final judgment, decree, rule or order or the amount due to the Treasury, as the case may be, as aforesaid.
[L.N. 374/1964, Sch.]
Certificate by Crown Agents
In order to enable every payment due to be made by the Crown Agents under this Act to be duly made, a certificate under the hand of the Crown Agents, specifying the sums so paid under a judgment, decree, rule or order of any court or to the Treasury, as the case may be, shall be sufficient authority to the Controller and Auditor-General, or other officer having the auditing of the accounts of the Crown Agents, for passing such sum without further appropriation.
Deleted by L.N. 374/1964, Sch.