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Loan (Electricity) Act 1976

Chapter 128.

Loan (Electricity) Act 1976.
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INDEPENDENT STATE OF PAPUA NEW GUINEA.

Chapter 128.

Loan (Electricity) Act 1976.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.

AN ACT

entitled

Loan (Electricity) Act 1976,

Being an Act to allow the Government to borrow a certain amount of money and to spend it for the purpose of the development of electricity supply works.

1. AUTHORITY TO BORROW.

The State may borrow, in accordance with the Loans Securities Act 1960, up to K400,000.00, less any amounts borrowed before 1 January 1976 (the effective date for the purposes of the Revision of the Laws Act 1973 (Adopted)) under the Act listed in Schedule 1.

2. PURPOSES FOR WHICH MONEY MAY BE SPENT.

Moneys borrowed under this Act may be spent only–

(a) for the expenses of borrowing; and

(b) for the purpose of development of electricity supply works.

SCHEDULE 1 – PRE-1976 ACTS.

Sec. 1.

Loan (Electricity) Act 1960.

Office of Legislative Counsel, PNG