Colonial Loans Act 1949
| Jurisdiction | UK Non-devolved |
| Citation | 1949 c. 50 |
| Year | 1949 |
Colonial Loans Act, 1949.
(12, 13 & 14 Geo. 6) CHAPTER 50
An Act to authorise the Treasury to guarantee certain loans by the International Bank for Reconstruction and Development to the Governments of colonial territories.
[30th July 1949]
Be it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Guarantee of loans made to colonial territories by the International Bank for Reconstruction and Development.
(1) The Treasury may, subject to the provisions of this Act, guarantee in such manner and on such conditions as they think fit the repayment of the principal of and the payment of the interest on and other charges in respect of any loan made to the Government of a colonial territory by the International Bank for Reconstruction and Development:
Provided that the amount of the principal of the loans to be guaranteed under this Act shall not in the aggregate exceed the equivalent of fifty million pounds.
(2) No loan shall be guaranteed under this Act unless the purpose of the loan is approved by the Secretary of State, with the concurrence of the Treasury, as likely to promote the development of the resources of the colonial territory concerned.
(3) A guarantee shall not be given under this Act until the Government of the colonial territory to which the loan is to be made has provided to the satisfaction of the Treasury and the Secretary of State—
(a ) for appropriating and duly applying the loan for the purpose approved as aforesaid;
(b ) for ensuring that any part of the loan which cannot be applied for the purpose approved as aforesaid will be applied only for such other purposes as may be approved by the Secretary of State with the concurrence of the Treasury;
(c ) for the establishment and regulation of one or more sinking funds for the purpose of the repayment of the principal of the loan or any instalment thereof;
(d ) for charging on the general revenues and assets of the colonial territory concerned, or on any other revenues or assets which may be made available for the purpose, the principal and interest of, and other charges in respect of, the loan and the payments to be made to the sinking funds to be established as aforesaid;
(e ) for charging...
To continue reading
Request your trial