Zambia
International Bank Loan (Rhodesia Railways) Act, 1952
Chapter 371
- Commenced on 30 December 1952
- [This is the version of this document at 31 December 1996.]
1. Short title
This Act may be cited as the International Bank Loan (Rhodesia Railways) Act.2. Interpretation
In this Act, unless the context otherwise requires—"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. Authority to raise loan
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.4. Loan charged upon revenues
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]5. Application of loan
The money to be borrowed under the authority of this Act shall be appropriated and applied to the purposes specified in the Schedule.6. Repayment of loan
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][Cap. 350]7. Issue of stock or bond
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.8. Repayment of sums paid underguarantee charged upon revenues
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. 154 of 1965]9. Application of General Loan and Stock Act
The provisions of the General Loan and Stock Act shall, where applicable, apply to the loan raised under this Act.[Cap. 350]History of this document
31 December 1996 this version
Consolidation
30 December 1952
Commenced