Rhodesia Railways Loans Guarantee Act, 1950
- Commenced on 8 September 1950
- [This is the version of this document at 31 December 1996.]
1. Short titleThis Act may be cited as the Rhodesia Railways Loans Guarantee Act.
2. InterpretationIn this Act, unless the context otherwise requires—"Authority" means the Higher Authority for Railways constituted by the Order in Council;"Governments" means the Governments of Zambia and Southern Rhodesia;"loans" means a loan of money made by the trustees to the Railways with the approval of the Authority in terms of clause 10 of the agreement made in pursuance of section 5 of the Rhodesia Railways Limited (Pension Schemes and Contracts) Act, 1949, of the United Kingdom, or clause 9 of the agreement made in pursuance of section 6 of the aforesaid Act;"Order in Council" means the Federation of Rhodesia and Nyasaland (Dissolution) Order in Council, 1963;[App. 1]"Railways" means the Rhodesia Railways referred to in the Order in Council;"trust funds" means the funds held by the trustees under the agreements made in pursuance of sections 5 and 6 of the Rhodesia Railways Limited (Pension Schemes and Contracts) Act, 1949, of the United Kingdom, and includes any investments thereof and any cash derived from the income of such investments or from contributions received by the trustees;"trustees" means the trustees of the agreements made in pursuance of sections 5 and 6 of the Rhodesia Railways Limited (Pension Schemes and Contracts) Act, 1949, of the United Kingdom.[As amended by Federal Act No. 18 of 1955, G.N. No. 427 of 1963 and S.I. No. 154 of 1965]
3. Loss on realisation of investmentsFor the purpose of making at any time a loan to the Railways of the whole or any portion of the trust funds, the trustees shall be entitled to realise any investment, if necessary, at a figure below the book value of such investment and to lend the proceeds thereof to the Railways and thereupon the principal amount of any such loan shall be deemed to be the amount so realised and lent together with the amount, if any, of the difference between the net amount realised and the book value of the investment realised when the realised amount is less than the book value.
4. *Government guarantee of certain loans to Railways
5. Government to pay deficiencies in moneys available to trustees for pensions
6. Moneys required for fulfilment of guaranteeAny sums required by the Government for the fulfilment of any guarantee or payment due under this Act shall be paid out of the general revenues of the Republic which are hereby appropriated to the purpose.[As amended by Federal Act No. 18 of 1955, G.N. No. 427 of 1963 and S. I. No. 154 of 1965]
7. Indemnification of trusteesThe trustees are hereby indemnified against any claim for breach of trust or loss of trust funds arising from any realisation of investment, for the purposes of making a loan, for any amount less than the book value thereof and from any loss arising from the loan to the Railways of any portion of the trust funds and the trustees are hereby discharged from any such liability.
History of this document
31 December 1996 this version
08 September 1950