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International Bank (Ramu Hydroelectric Project) Loan Agreement Act 19

Chapter 125.

International Bank (Ramu Hydroelectric Project) Loan Agreement Act 1971.
Certified on: / /20 .


INDEPENDENT STATE OF PAPUA NEW GUINEA.


Chapter 125.

International Bank (Ramu Hydroelectric Project) Loan Agreement Act 1971.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.


AN ACT

entitled

International Bank (Ramu Hydroelectric Project) Loan Agreement Act 1971,

Being an Act to approve agreements between the Administration of the former Territory of Papua and New Guinea and the International Bank for Reconstruction and Development for a loan for the purposes of the hydroelectric project on the Ramu River.

  1. INTERPRETATION.

In this Act–

“Loan Agreement” means the agreement dated 26 May 1971, a copy of which is set out in Part 1 of the First Schedule, which includes the General Conditions applicable to Development Credit Agreements, a copy of which is set out in Part 2 of that Schedule;

“Project Agreement” means the agreement dated 26 May 1971, a copy of which is set out in the Second Schedule.

  1. APPROVAL OF AGREEMENTS.

The Loan Agreement and the Project Agreement are approved, and take effect according to their respective tenors.

  1. EFFECT ON OTHER LAWS.

The Loan Agreement and the Project Agreement have the force of law as if contained in this Act, and apply notwithstanding anything in any other law.

  1. PRE-APPROPRIATION OF MONEYS.

All repayments of principal and payments of interest under the Loan Agreement and the payment of all other charges payable under that agreement or the Project Agreement or under a Bond under either of those agreements shall be made out of the Consolidated Revenue Fund, which is, to the necessary extent, appropriated accordingly.

SCHEDULE 1

PART I – LOAN AGREEMENT.

LOAN AGREEMENT

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PART II – GENERAL CONDITIONS APPLICABLE TO LOAN AND GUARANTEE AGREEMENTS.

GENERAL CONDITIONS

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SCHEDULE 2 – PROJECT AGREEMENT.

PROJECT AGREEMENT

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Office of Legislative Counsel, PNG

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