Advanced Search

National Development (International Bank for Reconstruction and Development) Loans

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
National Development (International Bank for Reconstruction and Development) Loans
L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Act
2 of 1967

Current Authorised Pages
Pages Authorised

(inclusive) by L.R.O.
1/2006

NATIONAL DEVELOPMENT (INTERNATIONAL
BANK FOR RECONSTRUCTION AND

DEVELOPMENT) LOANS ACT

CHAPTER 71:06

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

2 Chap. 71:06 Reconstruction and Development) Loans
National Development (International Bank for

Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Reconstruction and Development) Loans Chap. 71:06 3
National Development (International Bank for

CHAPTER 71:06

NATIONAL DEVELOPMENT (INTERNATIONAL
BANK FOR RECONSTRUCTION AND

DEVELOPMENT) LOANS ACT

ARRANGEMENT OF SECTIONS

SECTION

1. Short title.
2. Interpretation.
3. Borrowing from International Bank.
4. Loan to be a charge on the Consolidated Fund.
5. Power to issue and to sign instruments including bonds.
6. Implementation of obligations under loan agreement.
7. Arbitration.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

4 Chap. 71:06 Reconstruction and Development) Loans
National Development (International Bank for

CHAPTER 71:06

NATIONAL DEVELOPMENT (INTERNATIONAL
BANK FOR RECONSTRUCTION AND

DEVELOPMENT) LOANS ACT

An Act to provide for the raising of loans from the International
Bank for Reconstruction and Development by the
Government of Trinidad and Tobago for the purpose of
financing development projects in Trinidad and Tobago
and for matters incidental thereto.

[1ST FEBRUARY 1967]

1. This Act may be cited as the National Development
(International Bank for Reconstruction and Development)
Loans Act.

2. In this Act—
“Bank” means the International Bank for Reconstruction and

Development;
“loan agreement” means any loan agreement concluded under

section 3(1).

3. (1) Subject to this Act, the Government of Trinidad and
Tobago may, in such manner and on such terms and subject to
such conditions as may be agreed with the Bank, borrow from the
Bank from time to time such sum or sums as may be required for
the purpose of financing economic development in Trinidad
and Tobago.

(2) Any sums borrowed under the authority of this Act
shall be applied and are hereby appropriated to the purposes for
which they were so borrowed as specified in the loan agreement in
respect of such sums.

(3) The power to borrow conferred by subsection (1) is
in addition to the power to borrow conferred by any other Act.

2 of 1967.

Commencement.

Short title.

Interpretation.

Borrowing from
International
Bank.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Reconstruction and Development) Loans Chap. 71:06 5
National Development (International Bank for

(4) A copy of every loan agreement shall be laid before
Parliament within thirty days of the conclusion of such agreement
or, if Parliament does not sit within that time, the copy shall be
laid before Parliament within twenty-one days after the
commencement of its next sitting.

4. All amounts required for the repayment of sums borrowed
under the authority of this Act and for the payment of all interest
and other charges on such sums shall be a charge upon the
Consolidated Fund.

5. (1) The Minister may issue such instruments, including
bonds, on such terms and conditions as may be necessary for the
purposes of any loan agreement.

(2) Any bonds or other instruments issued under the
powers conferred by this Act may be signed by the Minister or by
such person or persons as he may designate from time to time.

6. Notwithstanding any law in force in Trinidad and Tobago
any loan agreement and any instrument issued under the powers
conferred by section 5 shall be valid and enforceable and shall
have full force and effect in accordance with its terms.

7. Any controversy between the Government of Trinidad and
Tobago and the Bank and any claim by the one against the other
arising under any loan agreement or any instrument issued under
the powers conferred by section 5 which is not determined by
agreement between the parties, shall be submitted to arbitration in
a manner to be agreed between them.

Loan to be a
charge on the
Consolidated
Fund.

Power to issue
and to sign
instruments
including bonds.

Implementation
of obligations
under loan
agreement.

Arbitration.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt