Loan Financial Source Enactment 1976

This Enactment may be cited as the Loan (Financial Source) Enactment, 1976.

Power to borrow money from financial source.

The State may subject to the provisions of this Enactment in such manner and subject to such conditions as may be specified by the Federal Government borrow moneys for a period not exceeding five years from a bank or other financial source approved for that purpose by the Federal Government.

Loan to be charged to the State Consolidated Fund.

The Principal moneys borrowed under the provisions of this Enactment together with interests and other charges thereon are hereby charged to the State Consolidated Fund.

FOR REFERENCE ONLY (July 2010)

2

Application of loan.

Any sums borrowed by the State under the powers conferred by section 2 for the requirement of the State shall be applied and are to be appropriated to the purposes for which they were borrowed as approved by the Federal Government.

Loan Agreement to be laid before the Legislative Assembly.

As soon as possible after the conclusion thereof a copy of any agreement concluded between the State and the bank or other financial institution corporation or body in respect of any sums borrowed under the powers conferred by section 2 shall be laid before the

Legislative Assembly of the State.

Power to give guarantee.

The State may with the approval of the Federal Government give guarantee.

CERTIFIED by me to be a true copy of the Bill passed by the Assembly on Wednesday, the 15th December, 1976.

DATUK HAJI ABDUL MOMEN BIN HAJI KALAKHAN,

Speaker