Development (United Kingdom Government) Loan Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE DEVELOPMENT (UNITED KINGDOM GOVERNMENT)
LOAN ACT
CHAPTER 373 OF THE LAWS OF ZAMBIA
CHAPTER 373 THE DEVELOPMENT (UNITED KINGDOM GOVERNMENT) LOAN
ACT
THE DEVELOPMENT (UNITED KINGDOM GOVERNMENT)
LOAN ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Authority to raise loans
4. Application of money borrowed
5. Repayment of money borrowed
6. Charge on revenues and assets
CHAPTER 373

nterpretation
3. Authority to raise loans
4. Application of money borrowed
5. Repayment of money borrowed
6. Charge on revenues and assets
CHAPTER 373

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
DEVELOPMENT (UNITED KINGDOM GOVERNMENT) LOAN
An Act to make provision for the raising of a loan or loans under the provisions of
the Colonial Development and Welfare Acts of the United Kingdom to an
amount not exceeding ten million pounds sterling and for the purposes of
development projects approved in the Capital Fund Estimates. [19th August, 1960]
24 of 1960
Government Notices
315 of 1964
497 of 1964
Statutory Instrument
159 of 1965
1. This Act may be cited as the Development (United Kingdom Government) Loan
Act. Short title
2. In this Act, unless the context otherwise requires- Interpretation
"the Capital Fund" means the Fund established in accordance with a motion
adopted by the Legislative Council of the former Protectorate of Northern
Rhodesia on the 19th July, 1955;
"the Capital Fund Estimates" means those estimates of expenditure from the
Capital Fund which are approved specifically by the National Assembly
from time to time by motion. (As amended by G.N. No. 315 of 1964
and S.I. No. 159 of 1965)
3.

which are approved specifically by the National Assembly
from time to time by motion. (As amended by G.N. No. 315 of 1964
and S.I. No. 159 of 1965)
3.

(1) The President is hereby authorised to borrow from time to time an amount or
amounts not exceeding in the aggregate ten million pounds sterling, by means of a loan or
loans made by one of Her Britannic Majesty's Secretaries of State with the approval of Her
Britannic Majesty's Treasury in accordance with section 2 of the Colonial Development
and Welfare Act, 1959 (hereinafter referred to as "the Act"). Authority to raise loans
(2) Any loans made under subsection (1) shall be on such terms as may be fixed
from time to time by one of Her Britannic Majesty's Secretaries of State with the approval
of Her Britannic Majesty's Treasury. (As amended by S.I. No. 159 of 1965)
4. All moneys borrowed under the provisions of this Act shall be appropriated and
applied to any of those purposes of the Capital Fund Estimates which may, in accordance
with the provisions of the Act, be approved by one of Her Brittanic Majesty's Secretaries of
State and the National Assembly from time to time and to no other purpose. (As amended by G.N. No. 315 of 1964
and S.I. No. 159 of 1965)
Application of money
borrowed

tional Assembly from time to time and to no other purpose. (As amended by G.N. No. 315 of 1964
and S.I. No. 159 of 1965)
Application of money
borrowed

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
5. Any loan raised under the provisions of this Act, together with the interest
payable on such loan, shall be repaid by equal annual instalments of capital and interest
so that such loan shall be repaid within the period for which the same was granted.
Repayment of money
borrowed
6. All principal moneys borrowed under the provisions of this Act, together with all
interest payable thereon, are hereby charged upon and shall be payable out of the general
revenues and assets of the Republic.
(As amended by S.I. No. 159 of 1965)
Charge on revenues
and assets