                      DEVELOPMENT LOCAL LOAN               g CAP. 162.           1
CHAPTER 162 
DEVELOPMENT LOCAL LOAN ORDINANCE 
To authorise a sum of four million liri to be raised in Malta by way of a
loan for the purpose of financing development works.
(4th December, 1959) *
Enacted by ORDINANCE XIX of 1959, as amended by Act XXXI of
1961; Legal Notice 46 of 1965; Acts: LVIII of 1974 and XIII of 1983.
Short title.
Loan Ordinance.
Power to raise 
loan. 
Amended by: 
XXXI.1961.2; 
L.N. 46 of 1965; 
LVIII. 1974.68.  
Cap. 161.
2. The President of Malta is hereby authorised to issue in
Malta under the provisions of the Local Loans (Registered Stock
and Securities) Ordinance, stock or securities or both to an amount
sufficient to produce as nearly as may be the sum of four million
liri and such further sum as may be necessary to defray the
expenses of any such issue.
Purpose of loan. 
Amended by: 
L.N. 46 of 1965; 
LVIII.1974.68.
3. (1) Any sum raised to defray the expenses of any such
issue shall be applied only to that purpose.
(2) Save as aforesaid, the money to be borrowed under the
authority of this Ordinance shall be appropriated and applied to the
purposes specified in the Malta Development Plan for the period lst
April 1959 to 31st March 1964, and in any modification,
amendment or extension thereof as may be approved from time to
time by the President of Malta.
Commencement of 
contribution to 
sinking fund. 
Cap.161.
4. The first contribution to the sinking fund as contemplated
by the provisions of paragraph ( e ) of subsection (1) of section 6 and
of section 25 of the Local Loans (Registered Stock and Securities)
Ordinance, shall be made not later than three years after the date
from which the interest on the loan hereby authorised shall
commence to run.
* See  Government Notice No.719 of the 4th December, 1959.
