Trade Facilities and Loans Guarantee Act 1922 (Session 2)
| Jurisdiction | UK Non-devolved |
| Citation | 1922 c. 4 |
| Year | 1922 |
Trade Facilities and Loans Guarantee Act, 1922 (Session 2)
(13 Geo. 5 Session 2) CHAPTER 4.
An Act to amend section one of the Trade Facilities Act, 1921, and the Overseas Trade Acts, 1920 and 1921, and to authorise the Treasury to guarantee certain loans to be raised by the Government of the Federal Republic of Austria and the Government of the Soudan respectively.
[15th December 1922]
B E 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 Amendment of s. 1 of 11 & 12 Geo. 5. c. 65.
(1) The maximum limit on the aggregate capital amount of the loans the principal or interest of which may be guaranteed under subsection (1) of section one of the Trade Facilities Act, 1921, shall be increased from twenty-five million pounds to fifty million pounds.
(2) The period within which guarantees may be given under the said section one as amended by this section shall be extended by one year, and accordingly for the words ‘the year’ in subsection (5) of the said section one there shall be substituted the words ‘each year.’
(3) For the purpose of meeting the costs and expenses incurred by the Treasury in administering the said section one, there shall be charged in connection with applications for and the giving of guarantees under the said section, and other matters arising thereunder, such fees as the Treasury may from time to time prescribe.
(4) This section shall be construed as one with section one of the Trade Facilities Act, 1921, and that section and this section may be cited together as the Trade Facilities Acts, 1921 and 1922.
2 Guarantee of Austrian loan.
2. Whereas with the object of assisting Austria in the work of her economic and financial restoration His Majesty's Government, in conjunction with certain other Governments, has undertaken to guarantee to the extent set out in the Protocol known as Protocol No. II. and signed at Geneva on the fourth day of October, nineteen hundred and twenty-two, and the Annexes thereto, a loan to be raised by the Government of the Federal Republic of Austria (in this Act referred to as ‘the Austrian Government’) of such an amount as after payment of the expenses of issue will produce the equivalent of a sum not exceeding six hundred and fifty million gold crowns:
And whereas it is provided by the said Protocol No. II. that the loan so to be raised by the Austrian Government (in this Act referred to as ‘the Austrian loan’) is to be employed under the authority of Commissioner-General to be appointed by the Council of the League of Nations, and in accordance with certain obligations undertaken by the Austrian Government as set out in a Protocol known as Protocol No. III. and signed at Geneva on the third day of October nineteen hundred and twenty-two:
And whereas it is provided by the said Protocols that the payment of the amount required in each year to meet the interest on and the sinking fund for the Austrian loan (in this section referred to as ‘the annual charge’) shall be secured by a charge on the gross receipts of the...
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