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Loan Authorisation Act 1975

COOK ISLANDS

LOAN AUTHORISATION ACT 1975

ANALYSIS

Title
1. Short Title
2. Interpretation
3. Authority to borrow and secure loan
4. Terms and conditions of loan
5. Repayment of loan

1975, No. 15

An Act to authorise loans from the Asian Development Bank for public work

(12 September 1975

BE IT ENACTED by the Legislative. Assembly of the Cook Islands in Session assembled, and by the authority of the same, as follows:

1. Short Title

This Act may be cited as the Loan Authorisation Act 1975.

2. Interpretation

In this Act, unless the context otherwise requires -

"Public Work" means any work of a public nature executed on behalf of the Crown and includes rendering any services in connection therewith and any construction manufacture or industry of benefit to the national economy.

3. Authority to borrow and secure loan

The Minister responsible for Finance is hereby authorised to borrow such sums as may be required from time to time from the Asian Development Bank, on the security of and charged upon the public revenues of the Cook Islands for any public work.

4. Terms and conditions of loan

All money borrowed under the authority of section 3 of this Act shall be borrowed under and subject to the provisions of the Government Loans and Contracts Act 1968.

5. Repayment of loan

All money payable by way of interest or principal in repayment of the loan authorised by section 3 of this Act shall be statutory expenditure and is hereby appropriated accordingly.

This Act is administered in the Treasury

RAROTONGA, COOK ISLANDS: Printed under the authority of the Cook Islands Government, by T. KAPI, Government Printer - 1975