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Government Borrowing and Guarantee (Amendment) Act 1989

Commencement: 1 January 1989

REPUBLIC OF VANUATU

THE GOVERNMENT BORROWING AND GUARANTEE (AMENDMENT) ACT
No 40 OF 1989

Arrangement of Sections

1. Amendment of section 1 of Act No. 20 of 1982.
2. Amendment of section 3 of the principal Act.
3. Commencement.

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REPUBLIC OF VANUATU

THE GOVERNMENT BORROWING AND GUARANTEE (AMENDMENT) ACT
No 40 OF 1989

ASSENT: 19/12/89
COMMENCEMENT: 1/1/89

An Act to amend the Government Borrowing And Guarantee Act No. 20 of 1982

BE IT ENACTED by the President and Parliament as follows:-

AMENDMENT OF SECTION 1 OF ACT No. 20 OF 1982

1. Section 1 of the Government Borrowing and Guarantee Act No. 20 of 1982 (principal Act), as amended, is further amended -

(a) in subsection (1) by substituting the figure "600" for the figure "200";

(b) in subsection (2) by substituting the figure "900" for the figure "500"

AMENDMENT OF SECTION 3 OF THE PRINCIPAL ACT

2. Section 3 of the principal Act is amended by the repeal of subsection (2) and the substitution of the following subsection:-

"(2) The aggregate amount of loan principal guaranteed under this section shall not exceed VT800 million at any one time. Where the principal amount outstanding of a loan guaranteed under this section has been reduced by repayments of principal, the reduced balance of principal outstanding for the loan shall constitute the amount to be reckoned against the aggregate limit."

COMMENCEMENT

3. This Act shall be deemed to have come into force on the first day of January, 1989.

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