Commencement: 26 June 1989

REPUBLIC OF VANUATU

THE VANUATU NATIONAL TELECOMMUNICATIONS PROJECT LOAN ACT
No. 24 OF 1989

Arrangement of Sections

1. Definition.
2. Minister's authority to borrow.
3. The purpose of borrowing.
4. Loan to be charged on the special account.
5. Act No. 20 of 1982 not to apply.
6. Commencement.

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REPUBLIC OF VANUATU

THE VANUATU NATIONAL TELECOMMUNICATIONS PROJECT (LOAN) ACT
No. 24 OF 1989

Assent: 19/6/89.
Commencement: 26/6/89.

An Act to authorise the borrowing of a sum of 35 Million French Francs for the purpose of upgrading the telecommunications systems between the rural areas and the commercial centres.

WHEREAS -

1. It is the intention of the Government to upgrade and encourage the development of the country's telecommunication systems; and

2. Caisse Centrale de Co-operation Economique of 233, Boulevard Saint-Germain, Paris VII, France (hereinafter called "the Caisse Centrale") is desirous of taking part in the provision of such financial resources by advancing to the Government a sum of money not exceeding 35 Million French Francs (by way of one or more loans) for the purposes of the said Project; and

3. The Government is desirous of accepting such advance for the said purposes on such terms and conditions as may be agreed between the Government and Caisse Centrale,

NOW THEREFORE BE IT ENACTED by the President and Parliament as follows:-

DEFINITION

1. In this Act "Minister" means the Minister responsible for Finance.

MINISTER'S AUTHORITY TO BORROW

2. The Minister is hereby authorised to borrow from Caisse Centrale a sum of money not exceeding in the aggregate 35 Million French Francs (or its equivalent in any currency at the rate of exchange prevailing on the date of the borrowing) on such terms and conditions and by way of one or more loans, as shall be agreed in writing by the Minister and Caisse Centrale subject to the previous approval by the Council of Ministers.

THE PURPOSE OF BORROWING

3. All monies borrowed under this Act shall be paid into the Special Account in the Government's Reserve Bank and shall be advanced exclusively way of a loan thereof to the Vanuatu Telecommunications Project for its purposes, on such terms and condition as the Minister shall determine subject to the previous approval by the Council of Ministers.

LOAN TO BE CHARGED ON THE SPECIAL ACCOUNT

4. The principal of, and interest and other charges on, any monies borrowed under this Act shall be paid out of the Special Account.

ACT No. 20 OF 1982 NOT TO APPLY

5. The provisions of the Government Borrowing and Guarantee Act No. 20 of 1982 shall not apply to any monies borrowed or applied in pursuance of the provisions of this Act.

COMMENCEMENT

6. This Act shall come into operation on the date of its publication in the Gazette.

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