General Loans (Guarantee) Act, 1964
- Commenced on 29 September 1964
- [This is the version of this document at 31 December 1996.]
1. Short titleThis Act may be cited as the General Loans (Guarantee) Act.
2. InterpretationIn this Act, unless the context otherwise requires—"agreement" means an agreement made between a corporation and—(a)a government or any division or department of a government; or(b)the World Bank or,(c)the Commonwealth Development Corporation; or(d)any other body or organisation outside Zambia;"corporation" means—(a)the Central African Airways Corporation;(b)the Central African Power Corporation;(c)the Rhodesia Railways;(d)the Central Electricity Corporation Limited;(e)any body incorporated directly by an enactment of Parliament;"World Bank" means the International Bank for Reconstruction and Development.
3. Guarantee of obligations of corporation
4. Application of borrowing of corporationAny loan made by the World Bank to a corporation in terms of an agreement shall be applied by the corporation to the purposes specified in that agreement:Provided that any part of the loan which cannot be so applied shall be applied only to such other purposes as may be approved by the Government of the United Kingdom, the Government of Zambia and the World Bank.
5. Repayment of sums paid by United Kingdom under guaranteeAny sums issued out of the Consolidated Fund of the United Kingdom on account of any guarantee given by Her Majesty's Treasury in the United Kingdom in respect of any loan made to a corporation by the World Bank shall, to the extent of any guarantee given by the Minister in respect of that loan in terms of subsection (1) of section three, be repaid to Her Majesty's Treasury in the United Kingdom by the Minister or such officer in his Ministry as he may authorise thereto out of the general revenues and assets of the Republic, which are hereby appropriated to the purpose, with interest thereon at such rates as Her Majesty's Treasury in the United Kingdom, in consultation with the Minister, may fix.
6. Implementation of agreementsNotwithstanding anything contained in any written law, the President 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 guarantee given, and for the carrying out of any obligations undertaken by the Minister under subsection (1) of section three.
History of this document
31 December 1996 this version
29 September 1964