Προοίμιο

WHEREAS section 2 of the Colonial Development and Welfare Act, 1959 (hereinafter referred to as "the Act") of the United Kingdom provides inter alia-

(i) that the Secretary of State may with the approval of the Treasury make loans to the Government of any Colony for enabling that Government to provide finance for any of the purposes of a development programme approved by the Secretary of State and by the legislature of the Colony;

(ii) that the terms of any such loan shall be such as may be fixed by the Secretary of State with the approval of the Treasury:

AND WHEREAS the Secretary of State has informed the Governor that he contemplates making a loan on certain terms and in accordance with proposals made to and approved by him to the Government of Cyprus of the sum of one million one hundred thousand pounds sterling (,1,100,000) for the purposes and under the conditions set out in the Act:

NOW THEREFORE, be it enacted by the Governor and Commander-in-Chief of the Colony of Cyprus as follows:

Short title

1. This Law may be cited as the Colonial Development Loan Law, 1959.

Governor may accept loan

2.-(1) The Governor is hereby empowered to accept from the Secretary of State a loan of not more than one million one hundred thousand pounds sterling (,1,100,000) (hereinafter referred to in this Law as "the Loan") in accordance with the provisions of the Act.

(2) The Governor is further empowered to accept any part of the loan from time to time.

Loan to be repaid and secured

3.-(1) The loan and interest thereon shall be repaid by the Government to the Government of the United Kingdom by equated annual instalments of principal and interest so that the Loan shall be repaid within the period for which the same was granted.

(2) The amount of the Loan and the interest thereon shall be a charge on the general revenues and assets of Cyprus.

Loan to be applied for purposes of Development Programme

4. The Loan shall be applied for the purposes of the Development Expenditure ascribed in the Cyprus Estimates 1959 to the Departments set out in the Schedule to this Law.

ΠΑΡΑΡΤΗΜΑΤΑ
SCHEDULE

SCHEDULE

 

Department Department
___ ___
Administration. Geological Survey.
Education. Water Development.
Secretariat. Medical.
Customs and Excise. Planning and Housing.
Long-Term Loans and Advances. Antiquities.
Agriculture. Civil Aviation.
Forests. Public Works.