Loans (Kafue Gorge Hydro-Electric Power Project) Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE LOANS (KAFUE GORGE HYDRO-ELECTRIC
POWER PROJECT) ACT
CHAPTER 377 OF THE LAWS OF ZAMBIA
CHAPTER 377 THE LOANS (KAFUE GORGE HYDRO-ELECTRIC POWER PROJECT)
ACT
THE LOANS (KAFUE GORGE HYDRO-ELECTRIC POWER PROJECT) ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Power of Minister to borrow
4. Application of sums borrowed
5. Repayment of sums borrowed and payment of interest and other charges
6. Implementation of agreements
7. Construction of borrowing power
SCHEDULE -Application of sums borrowed
CHAPTER 377
LOANS (KAFUE GORGE HYDRO-ELECTRIC POWER PROJECT) 34 of 1968
51 of 1968

struction of borrowing power
SCHEDULE -Application of sums borrowed
CHAPTER 377
LOANS (KAFUE GORGE HYDRO-ELECTRIC POWER PROJECT) 34 of 1968
51 of 1968

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
An Act to authorise the raising of loans for the purpose of financing the Kafue
Gorge Hydro-electric Power Project; and to provide for connected matters. [7th June, 1968]
1. This Act may be cited as the Loans (Kafue Gorge Hydro-electric Power Project)
Act. Short title
2. In this Act, unless the context otherwise requires- Interpretation
"foreign currency" means any currency other than the currency of the Republic;
"Kafue Gorge Hydro-electric Power Project" means the construction of a
hydro-electric power station and main dam at Kafue Gorge (including works
connected therewith) in accordance with the contract or contracts providing
therefor. (As amended by No. 51 of 1968)
3.

t Kafue Gorge (including works
connected therewith) in accordance with the contract or contracts providing
therefor. (As amended by No. 51 of 1968)
3.

(1) The Minister, on behalf of and in the name of the Republic, is hereby
authorised to borrow such sums, in the currency of the Republic or in foreign currency, or
partly in the currency of the Republic and partly in one or more foreign currencies, as may
be required for the purpose set out in the Schedule, at the times, in the manner, and upon
the terms and conditions which the Minister may, in his discretion, negotiate. Power of Minister to
borrow
(2) All agreements relating to sums borrowed under the authority conferred by this
section shall be evidenced in writing. (3) For the purpose of exercising the authority to borrow conferred by this section,
the Minister, or any person authorised by him in writing, may enter into, sign and execute
agreements and may execute such other instruments, including bonds, as may be
required in connection with the borrowing of any sum under this section; and all such
agreements, instruments and bonds shall be binding on the Republic. (As amended by No. 51 of 1968)
4. Any sums borrowed under section three shall be appropriated and applied for
the purpose set out in the Schedule and to no other purpose. Application of sums
borrowed

ed under section three shall be appropriated and applied for
the purpose set out in the Schedule and to no other purpose. Application of sums
borrowed

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
5. There shall be charged on and paid out of the general revenues of the Republic
such moneys as may be necessary-
(a) for securing the repayment of the principal of any sum borrowed under this
Act in accordance with the agreement providing for such borrowing or any
instrument, including bonds, executed or issued pursuant to any such
agreement; and
(b) for securing the payment of interest on any sum so borrowed and of all
other charges payable in respect thereof. Repayment of sums
borrowed and payment
of interest and other
charges
6. Notwithstanding anything contained in any written law, the Minister may exercise
all such powers and authorities and do or cause to be done all such things as appear to
him to be necessary for giving full and complete effect to any agreement, instrument or
bond signed or executed under section three. Implementation of
agreements
7. The authority to borrow conferred by this Act shall be in addition to any other
authority or power to borrow conferred by any other written law.

ts
7. The authority to borrow conferred by this Act shall be in addition to any other
authority or power to borrow conferred by any other written law.

Construction of
borrowing power
SCHEDULE
(Sections 3 and 4)
APPLICATION OF SUMS BORROWED
Financing the Kafue Gorge Hydro-electric Power Project.