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Nauru Sessional Legislation |
REPUBLIC OF NAURU
NAURU LOCAL GOVERNMENT COUNCIL GUARANTEE ACT 1976
(NO. 1 OF 1976)
AN ACT
To authorise the President to sign on behalf of the Republic a letter of guarantee, a letter of undertaking and a warranty relating to the Nauru Local Government Council.
(Certified:–15th January, 1976)
| I HEREBY CERTIFY that the attached document is a fair print of an Act entitled Nauru Local Government Council Guarantee Act 1976 that has been made by Parliament and is now presented to the Speaker for his Certificate under Article 47 of the Constitution. | Pursuant to Article 35 (3) and 47 of the Constitution, I. KENAS AROI, Speaker of Parliament, HEREBY CERTIFY that the Nauru Local Government Council Guarantee Act 1976, a copy of which is attached has been passed by Parliament. |
| Clerk of Parliament 15th January, 1976 | Speaker 15th January, 1976 |
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NAURU LOCAL GOVERNMENT COUNCIL GUARANTEE ACT 1976
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Letter of guarantee authorised
4. Letter of undertaking authorised
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NAURU LOCAL GOVERNMENT COUNCIL GUARANTEE ACT 1976
(No. 1 of 1976)
AN ACT
To authorise the President to sign on behalf of the Republic a letter of guarantee, a letter of undertaking and a warranty relating to the Nauru Local Government Council.
(Certified: 15th January, 1976)
Enacted by the Parliament of Nauru as follows:–
SHORT TITLE
1. This Act may be cited as the Nauru Local Government Council Guarantee Act 1976.
INTERPRETATION
2. In this Act, unless the context otherwise requires –
"the agreement" means an agreement to be made between the Nauru Local Government Council and the corporation for the corporation to convert the Council's cargo passenger vessel, named M.V. "Enna G", into a semi-container vessel;
"the corporation" means Mitsubishi Heavy Industries Limited, a corporation organised and existing under the laws of Japan, and having its registered office at No. 5-1 Marunouchi, 2 Chome, Chiyoda-ku, Tokyo, Japan;
"the promissory notes" means four promissory notes to be given by the Council to the corporation under the agreement for the payment by the Council to the corporation of amounts totalling Japanese Yen 252,675,250.
LETTER OF GUARANTEE AUTHORISED
(1) The President is hereby authorised to sign on behalf of the Republic and to issue to the Council an irrevocable letter of guarantee addressed to the corporation as security for the due payment by the Council to the corporation of Japanese Yen 252,675,250, being the total of the amounts payable under the promissory notes; and the Republic shall be bound thereby.
(2) The terms and conditions of the guarantee authorised by the preceding subsection shall be such as may be agreed between the President and the corporation.
LETTER OF UNDERTAKING AUTHORISED
4. (1) The President is hereby authorised to sign on behalf of the Republic and to issue to the Council a letter of undertaking addressed to the corporation confirming the agreement of the Republic to issue the letter of guarantee authorised by section 3; and the Republic shall be bound thereby.
(2) The terms and conditions of the undertaking authorised by the preceding subsection shall be such as the President and the corporation may agree.
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URL: http://www.paclii.org/nr/legis/num_act/nlgcga1976405
