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Housing Authority Loan Gurantee Decree 1989

REPUBLIC OF FIJI

GOVERNMENT OF THE REPUBLIC OF FIJI DECREE NO. 2
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HOUSING AUTHORITY LOAN GUARANTEE DECREE, 1989
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A DECREE TOAUTHORISE THE GOVERNMENT TO GUARANTEE THE REPAYMENT BY THE HOUSING AUTHORITY OF THE PRINCIPAL AND INTEREST ON A LOAN TO BE RAISED BY THE AUTHORITY FROM THE FIJI NATIONAL PROVIDENT FUND BOARD REPAYABLE OVER A PERIOD OF FIVE YEARS AT A REVIEWABLE INTEREST RATE OF SEVEN PER CENT

IN exercise of the powers vested in me as the person appointed to perform the functions of the office of the President of the Republic of Fiji and acting in accordance with the advice of the Prime Minister and the Cabinet, I hereby make the following Decree -

Short title

1. This Decree may be cited as the Housing Authority Loan Guarantee Decree, 1989.

Interpretation

2. In this Decree, unless the context otherwise requires -

"Fiji National Provident Fund Board" means the Fiji National Provident Fund Board established under the provisions of section 3 of the Fiji National Provident Fund Act (Cap. 219);

"Government" means the Government of the Republic of Fiji;

"Housing Authority" means the Housing Authority established under the provisions of section 3 of the Housing Act (Cap. 267).

Government to guarantee loan

3. The Government is authorised to guarantee the repayment by the Housing Authority of the principal and interest on a loan of four million dollars to be raised by the Housing Authority from the Fiji National Provident Fund Board, repayable over a period of five years at an interest rate of 7 per cent per annum, which rate shall be reviewable annually and may be increased or decreased by a maximum of 1 per cent at each review.

Guarantee to be evidenced by instrument

4. The guarantee authorised under section 2 above shall be evidenced by an instrument given under the hand of the Minister responsible for finance.

Made this 24th day of February 1989.

INOKE TAKIVEIKATA
Person appointed to perform

the functions of

the office of the President

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