  LOCAL AND OTHER LOANS [ CAP. 393.  1
CHAPTER 393
LOCAL AND OTHER LOANS ACT
To authorise the raising of a sum of one hundred million Maltese liri by
way of loan.
(2nd May, 1997) *
Enacted by ACT VI of 1997, as amended by Act XXIV of 1997.
Short title.
Authority to raise 
loan.
Amended by;
XXIV. 1997.2.
2. (1) Subject to the provisions of this Act, the Government
of Malta may raise, by way of loans, both in Malta and outside
Malta, a sum of money not exceeding one hundred and seventy-five
million Maltese liri.
(2) For the purpose of raising the aforesaid loans, the Minister
responsible for finance is hereby authorised to borrow sums of
money, on such terms and conditions as the said Minister may
approve, under the provisions either:
Cap. 229.
raised outside Malta; and, or
Cap. 161.
Ordinance, in order to issue stock in Malta. 
Purpose.
Amended by;
XXIV. 1997.3.
3. (1) Any money borrowed under the authority of this Act,
shall be appropriated and applied for the purpose of -
( a ) a sum not exceeding seventy five million Maltese liri
to make good the deficit incurred by the Consolidated
Fund to meet expenditure during the year 1996;
Cap. 207.
( b ) a sum not exceeding twenty-five million Maltese liri to
be loaned to the Malta Drydocks (established under the
Malta Dockyard Act) to be used exclusively as to
twenty million Maltese liri to settle outstanding debts
due to the Government of Malta in respect of social
security contributions, PAYE and other debts, and as
to five million Maltese liri to settle arrears of debit
interests on outstanding overdraft and other banking
facilities availed of by the said Malta Drydocks; and
( c ) a sum not exceeding seventy-five million Maltese liri
to make good part of the deficit expected to be
incurred by the Consolidated Fund to meet expenditure
during the year 1997.
Cap. 207.
Act and in any other law Malta Drydocks is hereby authorised to
take up the loan referred to in paragraph ( b ) of subsection (1)
hereof and the said Malta Drydocks shall be deemed to have
properly incurred the debts and taken the overdraft and other
facilities therein referred to.
* See  Government Notice No. 323 of 2nd May, 1997.
