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Government Borrowing and Guarantee (Amendment) Act 2016

TUVALU

GOVERNMENT BORROWING AND GUARANTEE (AMENDMENT) ACT 2016

Act No12 of 2016

AN ACT TO AMEND SECTION 6(1) OF THE GOVERNMENT BORROWING AND GUARANTEE ACT

Commencement [13th January 2017]

1. Short Title

(1) This Act may be cited as the Government Borrowing and Guarantee (Amendment) Act 2016.
(2) This Act shall come into force on the date of its publication by exhibition.

2. Amendment to section 6(1)

Section 6(1) of the Act is amended by inserting a new section 6A (1) with the following provision:-

• 6 A (1) Notwithstanding subsection (2)(a) of this section and for the purposes of the Credit Guarantee Program of the Government of Tuvalu, the Minister shall have the following powers:-
  • (a) to approve the guarantee of loans under the Credit Guarantee Program to a sum not more than $10,000 for each transactions;
  • (b) all guarantees necessary to be paid out by Government under (a) shall be appropriated accordingly;
  • (c) any approval Minister for guarantee under this subsection must be in accordance with the Credit Guarantee Program.
  • (d) any guarantee by the Government for any purposes other than its Credit Guarantee Program shall require the approval of Parliament in accordance with subsection (2) of this section.