Bermuda Consolidated Legislation

BERMUDA
1973 : 52

TEMPORARY LOANS ACT 1973

ARRANGEMENT OF SECTIONS

1 Interpretation

2 Authority of Minister of Finance to borrow

3 Terms of temporary loan

4 Payment of expenses, principal and interest out of Consolidated Fund

5 Repeal [omitted]

[28 June 1973]

[preamble and words of enactment omitted]

Interpretation

1 In this Act "Minister" means the Minister of Finance.

Authority of Minister of Finance to borrow

2 The Minister may from time to time borrow sums not exceeding in the aggregate at any time fifteen million dollars—

(a) from any bank by way of overdraft;

(b) by the issue and sale of interest bearing treasury bills which may be in such form and for such separate sums and may be payable at such places and at such time or times, not later than ninety-three days after the date thereof, as the Minister considers expedient;

(c) by temporary loan.

Terms of temporary loan

3 (1) A temporary loan authorised under section 2 shall be raised upon such terms as to the payment thereof by the lender in instalments or otherwise, interest thereon and other charges, the repayment thereof in instalments or otherwise as the Minister shall think fit:

Provided that the terms of the loan shall provide that the princi pal and interest and all other charges be repaid or paid, as the case may be, to the lender thereof not later than fifteen months after the raising thereof.

(2) [spent on repeal of Colonial Loans Act 1930]

Payment of expenses, principal and interest out of Consolidated Fund

4 The payment of interest on any borrowing under this Act and the repayment of principal shall be made by the Minister as and when due out of the Consolidated Fund.

Repeal

5 [omitted]