International Bank Loan Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE INTERNATIONAL BANK LOAN ACT
CHAPTER 375 OF THE LAWS OF ZAMBIA
CHAPTER 375 THE INTERNATIONAL BANK LOAN ACT
THE INTERNATIONAL BANK LOAN ACT
ARRANGEMENT OF SECTIONS
Sections
1. Short Title
2. Interpretation
3. Assumption of Government of liability for one half of loan
4. Sums borrowed and interest and other charges and premium, if any, charged
on and payable out of general revenues and assets
5. Power to issue instruments, including bonds.
CHAPTER 375
INTERNATIONAL BANK LOAN 75 of 1963
Statutory Instrument
159 of 1965
An Act to provide for the assumption by the Republic of one-half of the obligation
of the former Federation of Rhodesia and Nyasaland in respect of a loan made
by the International Bank for Reconstruction and Development to the former
Federation of Rhodesia and Nyasaland; and to provide for matters related
thereto.
[1st January, 1964]

for Reconstruction and Development to the former
Federation of Rhodesia and Nyasaland; and to provide for matters related
thereto.
[1st January, 1964]

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
1. This Act may be cited as the International Bank Loan Act. Short title
2. In this Act, the expression "the loan" means the loan made by the International
Bank for Reconstruction and Development to the former Federation of Rhodesia and
Nyasaland in an aggregate principal amount equivalent to nineteen million dollars
pursuant to a loan agreement dated the 16th June, 1958, between the former Federation
of Rhodesia and Nyasaland and the International Bank of Reconstruction and
Development. Interpretation
3. The Government hereby assumes one-half of the obligation of the former
Federation of Rhodesia and Nyasaland to pay principal, interest and other charges and
premium, if any, in respect of the loan. Assumption by
Government of liability
for one-half of loan
4. (1) One-half of the principal, interest and other charges and premium, if any, in
respect of the loan are hereby charged on and shall be payable out of the general
revenues and assets of the Republic.

charges and premium, if any, in
respect of the loan are hereby charged on and shall be payable out of the general
revenues and assets of the Republic.

Sums borrowed and
interest and other
charges and premium,
if any, charged on and
payable out of general
revenues and assets
(2) The Minister shall repay out of the general revenues and assets of the Republic,
which are hereby appropriated for the purpose, such sum or sums as may be necessary
for meeting the obligation assumed under section three. (As amended by S.I. No. 159 of 1965)
5. Notwithstanding anything contained in any other written law, the Government is
hereby authorised to issue such instruments, including bonds, as may be necessary for
the purpose of any agreement which may have been entered into or may after the
commencement of this Act be entered into by the Government with the International Bank
for Reconstruction and Development in respect of the obligation assumed under section
three. Power to issue
instruments, including
bonds