Foreign Loans

Foreign Loans Acts Nos. 29 of 1957, 2 of 1962, 1 of 1963. AN ACT TO MAKE PROVISION REGARDING FOREIGN LOANS TO THE GOVERNMENT OF CEYLON. Short title. 1. This Act may be cited as the Foreign Loans Act, No. 29 of 1957. Person empowered to sign agreements, contracts, bonds, promissory notes and other documents relating to a foreign loan to the Government of Ceylon. [§ 2, 1 of 1963.] 2. The Governor-General or any person specially authorized by him in that behalf may, in the name and on behalf of the Government of Ceylon, sign- (a) an agreement relating to a foreign loan to the Government of Ceylon, and (b) any contract, bond, promissory note or other document required by such agreement to be executed by the Government of Ceylon. Sums payable by the Government of Ceylon under agreements, contracts, bonds and promissory notes to be a charge on the Consolidated Fund of Ceylon. [§ 3, 1 of 1963.] 3. All sums payable by the Government of Ceylon under an agreement relating to a foreign loan to the Government of Ceylon and all sums payable under any such agreement are hereby charged on the Consolidated Fund of Ceylon. Power of Minister of Finance to make provision by order published in the Gazette to give effect to an agreement relating to a foreign loan [§ 4,1 of 1963.] 4. (1) The Minister of Finance may, by Order published in the Gazette, make such provision as may be necessary to give effect to an agreement relating to a foreign loan to (the Government of Ceylon. (2) Every Order made and published under subsection (1) shall have the force of law. Application of Part IV of the Bills of Exchange Ordinance to promissory notes executed by the Government of Ceylon. [§ 5, 1 of 1963.] 4A. The provisions of Part IV of the Bills of Exchange Ordinance shall apply to any promissory note executed by the Government of Ceylon in pursuance of an agreement relating to a foreign loan. Interpretation. [§ 2, 2 of 1962.] [§ 6, 1 of 1963.] 5. In this Act, the expression ” foreign loan ” means a loan in any currency granted by a foreign Government or the agency of a foreign Government or by any international organization or such body of persons outside Ceylon as may be approved by the Government of Ceylon, and includes any sum of money which the Government of Ceylon by an agreement undertakes to pay any such agency, organization or body of persons which discharges any liability of the Government of Ceylon in respect of any transaction between such Government and any person outside Ceylon.