Semua Seksyen

Loans (Water Supplies) Enactment 1960

Seksyen

1

Tajuk

Short Title
1

This Enactment may be cited as the Loans (Water Supplies) Enactment, 1960.

Seksyen

2

Tajuk

Power to Borrow Money from the Federation
2

The State is hereby authorised, subject to the provisions of this Enactment to borrow from the Federation sums of money not exceeding Twenty million dollars on such terms and conditions as may be agreed upon between the State of Selangor and the Federation.

Seksyen

3

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Loan to be Charged on the State Consolidated Fund
3

The principal moneys borrowed under the provisions of this Enactment together with all interest and other charges thereon are hereby charged on the State Consolidated Fund.

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4

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Application of Loan
4 [1]

All moneys borrowed under the provisions of this Enactment shall be paid into the Development Fund enacted under the Development Fund Enactment, 1960, and shall be applied for the purpose of providing water supplies or for purposes ancillary thereto.

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4

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Application of Loan or Part of the Loan to Other Purposes
4 [2]

Subject to the provisions of any agreement entered into between the State of Selangor and the Federation pursuant to section 2 it shall be lawful for the State Financial Authority to direct that the sum applied in section 2 or part of that sum, shall, if it is not required for the purpose specified in sub-section (1) be applied to any other purpose of the Development Fund specified and approved by a resolution of the Legislative Assembly.

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5

Tajuk

Repayment
5

All moneys borrowed under the provisions of this Enactment, together with all the interest and other changes thereon, shall be repaid in accordance with the terms and conditions agreed upon between the State of Selangor and the Federation in accordance with section 3, and there shall be appropriated out of the State Consolidated Fund and paid to the Federation in each financial year all sums due to be paid in that year.

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