Increase in Borrowing – Guarantee of Loans (Companies) Act
- 1st Session - 8th Republican Parliament
WHEREAS it is inter alia provided by subsection (1) of section 3 of the Guarantee of Loans (Companies) Act, Chap. 71:82, (hereinafter referred to as "the Act") that the Government may, in such manner and on such terms and subject to such conditions as may be agreed between it and a Lending Agency, guarantee the discharge by a Company of its obligations under any agreement which may be entered into by the Company with a Lending Agency in respect of any borrowing by that Company that is authorised by the Government:
AND WHEREAS it is provided by subsection (1) of section 4 of the Act, that the aggregate amount of all borrowings by Companies that are guaranteed by the Government under the Act, shall not exceed fifty million dollars (without taking into account any amount in respect of interest, commissions and any other expenses secured by the guarantees) or such greater sum as may from time to time be specified by Resolution of the Senate and the House of Representatives:
AND WHEREAS by Resolution passed in the House of Representatives on the 14th day of May, 1979 and in the Senate on the 22nd day of May, 1979 an aggregate sum of five thousand million dollars was specified:
AND WHEREAS it is now necessary to increase the aggregate amount of all borrowings by Companies that are guaranteed by the Government under the Act by a further sum of four thousand million dollars:
BE IT RESOLVED that the aggregate amount of all borrowings by Companies that are guaranteed by the Government under the Act shall not exceed nine thousand million dollars in the currency of Trinidad and Tobago.
(By the Minister in the Ministry of Finance)