Guarantee (High Commission Railways And Harbours Loan) (No. 1)

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
1.
Short title
This Act may be cited as the Guarantee (High Commission Railways and Harbours Loan) (No. 1) Act.
[L.N. 2/1964.]

2.
Interpretation
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 (Railways and Harbours Loan) securities” means all securities created or issued by the High Commission on behalf of the East African Railways and Harbours Administration for the purpose of raising a loan of twenty-three million pounds sterling authorised by the Loan (Railways and Harbours) (1949) Act (Cap. 13 (1951)) of the High Commission to which for the time being the Colonial Stock Acts, 1887 to 1948, (Act No. 12 and 13, Geo. 6, c. 1) 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. [L.N. 2/1964.]

3.
Guarantee of loan
The payment of the principal of and interest on any loan raised by the High Commission under the authority of the Loan (Railways and Harbours) (1949) Act (Cap. 13 (1951)) of the High Commission, to the extent to which such principal and interest is not paid out of the Railways and Harbours Fund maintained for the East African Railways and Harbours 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 in respect of payments the amount of the principal of the loan guaranteed under this Act shall not in the aggregate exceed twenty-four million pounds sterling.

4.
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 Governor 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 the repayment of any sum so paid shall form part of the general revenues.
[L.N. 2/1964.]

5.
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 (Railways and Harbours Loan) securities, then that sum, if not forthwith paid by the High Commission, shall forthwith be paid by the Governor 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 President 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. 60 of 1951, s. 2, L.N. 2/1964.]

6.
Certificate by 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.

7.
Certain Acts may properly be disallowed
If at any time hereafter an Act is passed which appears to Her Majesty’s Government in the United Kingdom to alter any of the provisions affecting the High Commission (Railways and Harbours Loan) securities to the injury of the holder thereof, or to involve a departure from the original contract in regard to these securities, that Act may properly be disallowed.
[L.N. 2/1964.]