Savings Certificates Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE LOAN ACT
CHAPTER 351 OF THE LAWS OF ZAMBIA
CHAPTER 351 THE LOAN ACT
THE LOAN ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Authority to Minister to borrow by sale of debentures or stock
3. Application of loan
4. Commencement of contribution to sinking fund
5. Power to issue treasury bills
SCHEDULE -Purposes specified for loan
CHAPTER 351
LOAN
An Act to make provision for raising a loan of K4,500,000; and to provide for
matters incidental to or connected therewith.
[24th April, 1931]
21 of 1931
Statutory Instrument
159 of 1965
1. This Act may be cited as the Loan Act. Short title

dental to or connected therewith.
[24th April, 1931]
21 of 1931
Statutory Instrument
159 of 1965
1. This Act may be cited as the Loan Act. Short title

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
2. The Minister is hereby authorised to issue debentures or stock or both under the
provisions of the General Loan and Stock Act, to an amount sufficient to produce as
nearly as may be the sum of K4,500,000, and such further sum as may be necessary to
defray the expenses of issue. (As amended by S.I. No. 159 of 1965)
Authority to Minister to
borrow by sale of
debentures or stock. Cap. 350
3. 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
Provided that it shall be lawful for the Minister to utilise any savings in respect of any
item in the Schedule to cover any excess of expenditure in respect of any other item. (As amended by S.I. No. 159 of 1965)
4. Contributions to the sinking fund, as contemplated by the provisions of sections
fourteen and twenty-seven of the General Loan and Stock Act, shall commence in respect
of any debentures or stock issued under this Act not later than three years after the date
from which the interest on such debentures or stock shall commence to run.

es or stock issued under this Act not later than three years after the date
from which the interest on such debentures or stock shall commence to run.

(As amended by S.I. No. 159 of 1965)
Commence-ment of
contribution to sinking
fund. Cap. 350
5. Pending the issue of the whole or any portion of the loan hereby authorised, the
Minister may, if necessary, raise instalments of the money as required by the issue of
treasury bills under the Treasury Bills Act. (As amended by S.I. No. 159 of 1965)
Power to issue
treasury bills. Cap. 348
SCHEDULE
(Section 2)
PURPOSES SPECIFIED FOR LOAN
K
Balance of Grant-in-Aid .. .. .. .. .. .. 226,000
Civil Buildings .. .. .. .. .. .. 2,200,000
Municipal Requirements.. .. .. .. .. .. 250,000
Telegraphs, Telephones and Wireless .. .. .. .. 406,000
Road and Harbour Development.. .. .. .. .. 856,000
Air Surveys .. .. .. .. .. .. 146,000
Agricultural Development and Land Settlement .. .. .. 134,000
Development in Reserves .. .. .. .. .. 158,000
Miscellaneous .. .. .. .. .. .. 24,000
Anglo-Belgian Boundary Commission .. .. .. .. 88,000
Itawa Drainage .. .. .. .. .. .. 12,000
K4,500,000