LOCAL LOAN _g CAP. 388.        1
CHAPTER 388
LOCAL LOAN ACT
To authorise that a sum not exceeding seventy million Maltese liri be
raised in Malta by way of loan for the purpose of meeting excess
expenditure over revenue incurred in the Consolidated Fund during the
year 1995 and that expected to be incurred during the year 1996.
(2 April, 1996) *
Enacted by ACT XII of 1996.
Short title.
Interpretation.
Cap. 174.
2. For the purpose of this Act, "revenue" has the same
meaning as is assigned to it in section 2 of the Financial
Administration and Audit Act but does not include proceeds from
local loans.
Authority to raise 
loan. 
3. (1) Subject to the provisions of this Act, the Government
of Malta may raise in Malta, by way of loan, a sum of money not
exceeding seventy million liri.
Cap. 161.
(2) For the purpose of raising the aforesaid loan the Minister
responsible for finance is hereby authorised to issue stock in Malta
under the provisions of the Local Loans (Registered Stock and
Securities) Ordinance on such terms and conditions as the said
Minister may approve.
Purpose.
be appropriated and applied for the purpose of meeting excess
expenditure over revenue incurred in the Consolidated Fund during
the year 1995, and that projected to he incurred during the year
1996 and as appears in the approved estimates for that year:
  Provided that any amount borrowed under this section in
excess of the amount actually required for the said purposes and
remaining as a balance in the Consolidated Fund at the end of 1996,
shall be used to meet excess expenditure over revenue in the
Consolidated Fund during the first subsequent year in which such
excess is incurred.
* See  Government Notice No. 212 of 2nd April, 1996.
