CHAPTER
381
THE BAHAMAS DEVELOPMENT LOAN |
ARRANGEMENT OF
SECTIONS |
SECTION |
|
|
Authority to raise dollar loan not exceeding
$14,000,000. |
Principal monies and interest, how secured. |
Amount and terms of debentures. |
Form and signature of debentures. |
Cancellation of debentures upon repayment. |
Issue, transfer and cancellation of debentures to
be recorded in Register Book. |
Payments of interest and repayment of principal
monies. |
Restrictions under Ch. 360 not to apply to
payments made under this Act. |
Debentures and interest thereon exempted from
taxation. |
Payment of expenses incurred under this Act. |
Certain prior obligations not to be affected by
this Act. |
CHAPTER 381 |
THE BAHAMAS
DEVELOPMENT LOAN |
An Act to
provide for the raising of a loan by the Government of The Bahamas and for
purposes connected therewith. | 14 of 1966
5 of 1987 |
[Commencement 27th
May, 1966] |
1. This Act may be cited as the The Bahamas Development
Loan Act. | Short title. |
2. In this Act, unless the context otherwise requires- | Interpretation. |
"debentures"
means any bonds or securities of any other nature issued under the provisions
of this Act, and includes any replacement bonds or other securities issued in
substitution therefor or replacement thereof in accordance with the terms of
original issue thereof; |
"Government"
means the Government of The Bahamas; |
"Harbour of
Nassau" has the meaning given to that term in the Port
Authorities Act; |
"Minister"
means the Minister of Finance; |
"principal
monies" means the principal monies, including any prepayment premium,
secured by the debentures. |
3. (1) The Minister, for and on behalf of the
Government, may raise by the issue of debentures a sum not exceeding fourteen
million dollars, in the currency of the United States of America, to be applied
for defraying expenses in connection with the improvement of facilities at the
Harbour of Nassau, the expansion and improvement of the waterworks system of
New Providence, the expansion and improvement of the telecommunications system
of The Bahamas and for such other development purposes as may be approved by
the Governor-General, or for any one or more of the purposes authorised by this
section. | Authority to raise dollar loan not exceeding
$14,000,000. |
(2) The Minister
may enter into any agreements necessary for giving effect to the provisions of
subsection (1) of this section, and such agreements may be subject to such
covenants, terms and conditions, not inconsistent with the provisions of this
Act, as the Minister considers to be expedient. |
4. Subject to the provisions of section 13 of this Act,
the principal monies and interest thereon are hereby charged upon the
Consolidated Fund, the general revenues and other public funds and assets of
The Bahamas, and all sums falling due for payment in respect of interest or
repayment of the principal monies are hereby made payable out of the
Consolidated Fund and any other funds or assets aforesaid. | Principal monies and interest, how secured. |
5. The debentures shall be for such sums or
denominations as the Governor-General shall deem advisable and shall bear
interest at a rate not exceeding seven per centum per annum payable half-yearly
and shall be redeemable, upon such terms and dates as the Governor-General may
approve, over a period not exceeding fifteen years. | Amount and terms of debentures. |
6. Subject to the provisions of this Act, the
debentures shall bear such designation and be subject to such covenants, terms
and conditions and issued in such form as the Minister shall determine and
shall be signed, authenticated or countersigned by such person and in such
manner as the Minister may direct. | Form and signature of debentures. |
7. Upon repayment of the principal monies to which any
debentures relates such debenture shall be cancelled and destroyed in such
manner as the Minister may direct. | Cancellation of debentures upon repayment. |
8. (1) Every debenture shall, before being issued, be
registered in a Register Book to be maintained for that purpose and the name
and address of the holder of each debenture and all transfers and cancellations
of debentures shall be recorded in such Register Book. | Issue, transfer and cancellation of debentures to be
recorded in Register Book. |
(2) The Minister
may, if he thinks fit, by Order authorise the making and maintaining of a
duplicate Register Book. |
(3) Debentures
shall be transferable by instrument in writing in such form as may be
prescribed by the Minister and any such instrument shall be produced in support
of an application for the registration of a transfer to which it relates. |
9. Interest accruing due on the debentures and
repayments of the principal monies shall be made in such coin or currency of
the United States of America as at the time of payment is legal tender in that
country and, subject to the provisions of section 13 of this Act, no other
present or future general obligation of the Government, including any other
present or future loan indebtedness of or guarantees by the Government, shall
rank prior in right of payment (whether by reason of priority of date of issue,
currency of payment or otherwise) to the payments due in respect of interest or
the repayment of the principal monies of the debentures. | Payments of interest and repayment of principal
monies. |
10. The provisions of the Exchange Control Regulations
Act and of any Finance Regulations made thereunder shall not be deemed to
permit the exercise of any powers or the imposition of any restrictions
inconsistent with the obligations authorised or imposed by this Act. | Restrictions under Ch. 360 not to apply to payments
made under this Act. |
11. The obligations represented by the debentures and
any assignments, transfers or other dispositions thereof shall be free of and
exempt from any and all present or future taxes, duties, financial assessments
or impositions or other charges of any kind whatsoever (whether by way of
income, withholding, capital gains, capital levy, issue, transfer, stamp, gift,
estate, inheritance or succession taxes or other charges or otherwise
howsoever) now or at any time hereafter created, imposed, levied or collected
by the Government or any authority constituted by law in The Bahamas, and the
principal monies and the interest thereon shall be paid and discharged by the
Government without deduction for or on account of any such tax, duty, financial
assessment or imposition or other charge, and shall be exempt from any
attachment, execution or seizure by or for the Government. | Debentures and interest thereon exempted from
taxation. |
12. All expenses of and incident to the issue of the
debentures, the payment of interest thereon and the repayment of the principal
monies and all monies required and expenses incurred in carrying out the
provisions and objects of this Act shall be paid out of the Consolidated Fund
on the warrant of the Minister. | Payment of expenses incurred under Act. |
13. Notwithstanding the provisions of section 4 or of
section 9 of this Act, nothing in this Act shall be deemed to diminish or
restrict any security, right or interest conferred upon any person or any
obligation entered into by the Government pursuant to- | Certain prior obligations not to be affected by this
Act. |
(a) the
provisions of the Bahamas Electricity Corporation Loan Act 1961; |
(b) an agreement
made the twenty-third day of August, 1961, between the Receiver General for and
on behalf of the Government and the First National City Bank of New York
relating to the borrowing by the Government of one million six hundred and
eighty thousand dollars in the currency of the United States of America in
accordance with a resolution of the House of Assembly dated the sixteenth day
of March, 1961; and |
(c) an
agreement made the twenty-second day of June, 1964, between the Acting
Treasurer for and on behalf of the Government and the First National City Bank
of New York relating to the borrowing by the Government of five million dollars
in the currency of the United States of America in accordance with a resolution
of the House of Assembly dated the third day of December, 1963. |