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Loans (Guarantee) Act

Chapter 237

Repealed
This Ordinance was repealed on 2003-07-01 by Public Finance and Accountability Act, 2003.
Loans (Guarantee) Act
This is the latest version of this Ordinance.
Citation
Chapter 237
Date
31 December 2000
Language
English
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Uganda

Loans (Guarantee) Act

Chapter 237

  • Commenced on 6 February 1958
  • [This is the version of this document at 31 December 2000.]
  • [Note: This legislation was revised and consolidated as at 31 December 2000 and 31 December 2023 by the Law Reform Commission of Uganda. All subsequent amendments have been researched and applied by Laws.Africa for ULII.]
  1. [Repealed on 1 July 2003 by Public Finance and Accountability Act, 2003 (Act 6 of 2003)]
An Act to empower the Government to guarantee the payment out of the general revenues and other funds of Uganda of any loan authorised by resolution of Parliament.

1. Guarantee of loan

(1)When Parliament has by resolution authorised the Government to guarantee the payment out of the general revenues and other funds of Uganda, or the Consolidated Fund, as the case may be, of the principal of, or of the principal of and interest on—
(a)any loan specified in the resolution; or
(b)all or any loans made in pursuance of an approved scheme specified in the resolution,
the Minister responsible for finance may, in accordance with the terms of, and subject to any conditions or limitations contained in the resolution, guarantee the payment on behalf of the Government; but where any such resolution relates to an approved scheme, the payments so guaranteed shall not in the aggregate exceed a total to be specified in the resolution.
(2)In this section, “approved scheme” means a scheme approved by the Minister for the making of separate loans by the Uganda Commercial Bank to a number of persons under and in accordance with the Uganda Commercial Bank Act.

2. Payment of sums required for fulfillment of guarantee

Any sum required for fulfilling any guarantee under this Act shall be charged upon and paid out of the Consolidated Fund.

History of this document

01 July 2003
31 December 2000 this version
Chapter 237

Revised Laws 2000

Consolidation
06 February 1958
Commenced
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