International Bank Loan (Rhodesia Railways) Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE INTERNATIONAL BANK LOAN (RHODESIA RAILWAYS) ACT
CHAPTER 371 OF THE LAWS OF ZAMBIA
CHAPTER 371 THE INTERNATIONAL BANK LOAN (RHODESIA RAILWAYS)
ACT
THE INTERNATIONAL BANK LOAN (RHODESIA RAILWAYS) ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Authority to raise loan
4. Loan charged upon revenues
5. Application of loan
6. Repayment of loan
7. Issue of stock or bond
8. Repayment of sums paid under guarantee charged upon revenues
9. Application of General Loan and Stock Act
SCHEDULE-Application of loan
CHAPTER 371

8. Repayment of sums paid under guarantee charged upon revenues
9. Application of General Loan and Stock Act
SCHEDULE-Application of loan
CHAPTER 371

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
INTERNATIONAL BANK LOAN (RHODESIA RAILWAYS)
An Act to make provision for the raising of a loan not exceeding five million pounds
sterling or the equivalent in pounds sterling or other currencies for certain
purposes of the Rhodesia Railways; and to provide for matters incidental
thereto. [30th December, 1952]
39 of 1952
9 of 1953
Government Notice
497 of 1964
Statutory Instrument
154 of 1965
1. This Act may be cited as the International Bank Loan (Rhodesia Railways) Act. Short title
2. In this Act, unless the context otherwise requires- Interpretation
"International Bank" means the International Bank for Reconstruction and
Development;
"Rhodesia Railways" means the Rhodesia Railways established and incorporated
under the Rhodesia Railways Act, 1949, of Southern Rhodesia;
"the Treasury" means the Commissioners for the time being of Her Britannic
Majesty's Treasury in the United Kingdom. (As amended by S.I. No. 154 of 1965)
3.

reasury" means the Commissioners for the time being of Her Britannic
Majesty's Treasury in the United Kingdom. (As amended by S.I. No. 154 of 1965)
3.

The Governor of the former Protectorate of Northern Rhodesia is hereby
authorised to raise by means of a loan from the International Bank a sum not exceeding
five million pounds sterling or the equivalent thereof in other currencies or partly in sterling
and partly in other currencies. Authority to raise loan
4. The principal moneys raised under this Act and any interest and other charges
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. 154 of 1965)
Loan charged upon
revenues
5. The money to be borrowed under the authority of this Act shall be appropriated
and applied to the purposes specified in the Schedule. Application of loan

money to be borrowed under the authority of this Act shall be appropriated
and applied to the purposes specified in the Schedule. Application of loan

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
6. Notwithstanding the provisions of the General Loan and Stock Act, so long as
any portion of the loan raised under this Act remains outstanding, the President shall
appropriate half-yearly out of the general revenues and assets of the Republic the amount
required to meet the payments of principal and interest and other charges in accordance
with the terms of the loan and shall remit such sums to the International Bank in
accordance with such terms. (As amended by S.I. No. 154 of 1965)
Repayment of loan. Cap. 350
7. The President may issue or cause to be issued any stock or bond as may be
required by the International Bank in accordance with the terms of the loan raised under
this Act. Issue of stock or bond
8. If the Treasury guarantees the loan raised under this Act, any sum issued out of
the Consolidated Fund of the United Kingdom on account of such guarantee shall be
repaid to the Treasury out of the general revenues and assets of the Republic with interest
thereon at such rate as the Treasury in consultation with the President may fix. (As amended by No. 9 of 1953 and S.I. No.

the Republic with interest
thereon at such rate as the Treasury in consultation with the President may fix. (As amended by No. 9 of 1953 and S.I. No.

154 of 1965)
Repayment of sums
paid underguarantee
charged upon
revenues
9. The provisions of the General Loan and Stock Act shall, where applicable, apply
to the loan raised under this Act. Application of General
Loan and Stock Act. Cap. 350
SCHEDULE
(Section 5)
APPLICATION OF LOAN
Loan to Rhodesia Railways for such purposes of capital expenditure as may be approved from
time to time by the International Bank and one of Her Britannic Majesty's Secretaries of State with the
concurrence of the Treasury.