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Vanuatu Consolidated Legislation - 1988 |
Commencement: 22 June 1987
Repealed
LAWS OF THE REPUBLIC OF VANUATU
REVISED EDITION 1988
CHAPTER 194
GOVERNMENT LOANS (ISSUE OF BONDS) ACT
Act 23 of 1986
ARRANGEMENT OF SECTIONS
SECTION
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GOVERNMENT LOANS (ISSUE OF BONDS)
An Act to authorise the Government to raise public loans by the issue of bonds, for the purposes of financing the recurrent expenditures of the Government.
INTERPRETATION
"bonds" means the bonds authorised to be issued by the Government under this Act;
"Minister" means the minister responsible for finance;
"Revenue Fund" shall have the same meaning assigned to it in the Public Finance Act, Cap. 117.
AUTHORITY TO BORROW
(2) The sums borrowed under this Act shall not exceed VT300,000,000 in any one financial year and shall not exceed in aggregate VT600,000,000 at any one time.
(3) All money borrowed under this Act shall be effected and secured by the issue and sale of bonds. The amount and timing of each issue of bonds, the form and denomination of the bonds, and the terms, and conditions and covenants to be included therein shall be determined by the Minister after consulting the Central Bank of Vanuatu.
NATURE OF BONDS
(2) The interest on the bonds and any premium, charge, assessment or other expense which may be incurred in connection with the issue or redemption of the bonds shall be charged upon and payable out of the Revenue Fund.
(3) Annual appropriations amounting to not less than one-tenth of the amount of bonds outstanding at the beginning of each year shall be made out of the Revenue Fund and applied to a fund whose purpose is the redemption of the bonds.
GOVERNMENT BORROWING AND GUARANTEE ACT NOT TO APPLY TO BORROWINGS UNDER THIS ACT
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URL: http://www.paclii.org/vu/legis/consol_act1988/globa336