Loan Act
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Loan Law, 2004 Section 1
Law 5 of 2004
LOAN LAW, 2004 (Law 5 of 2004) A LAW TO AUTHORISE THE BORROWING OF UP TO $13,000,000 ENACTED by the Legislature of the Cayman Islands.
#1. Short title
#1. This Law may be cited as the Loan Law, 2004.
#2. Power to borrow
#2. (1) The Governor in Cabinet may borrow an amount not exceeding $13,000,000
in the currency of the Islands.
(2) The amount referred to in subsection (1) may be borrowed (a) by instalments; and (b) from any institution, and on such terms and conditions, as the Governor in Cabinet may approve.
#3. Principal and interest of loan
#3. The principal of and interest on any money borrowed under section 2, together with
the expenses incurred by the Government in relation to the money borrowed, shall be charged on and paid out of the general revenues and assets of the Islands.
Section 3 Loan Law, 2004
Law 5 of 2004
Passed by the Legislative Assembly the 17th day of March, 2004.
LINFORD A. PIERSON Speaker.
WENDY LAUER EBANKS Clerk of the Legislative Assembly.