Paragraph 179 Borrowing or lending by Government of Ascension

United Kingdom

(1)

Subject to this Constitution, the Government of Ascension may borrow from any source.

(2)

The Government of Ascension shall not issue a guarantee or indemnity nor raise a loan on behalf of itself or any other public institution, authority or person except—

(a)

as authorised by or under an Ordinance; and

(b)

in accordance with any borrowing guidelines agreed with Her Majesty’s Government in the United Kingdom.

(3)

An Ordinance referred to in subsection (2)(a) shall provide that the terms and conditions of the guarantee, indemnity or loan shall be laid before the Island Council for any advice it may wish to give on the matter.

(4)

The Director of Financial Services shall, at such times as the Island Council may determine, cause to be presented to the Council such information concerning any loan as is necessary to show—

(a)

the extent of the total indebtedness by way of principal and accumulated interest;

(b)

the provision made for servicing or repayment of the loan; and

(c)

compliance with the terms of the loan.

(5)

For the purposes of this section, the expression “loan” includes any money lent or given to or by the Government of Ascension on condition of return or repayment and any other form of borrowing or lending in respect of which—

(a)

moneys from the Consolidated Fund or any other public fund may be used for payment or repayment; or

(b)

moneys from any fund by whatever name called, established for the purposes of payment or repayment whether in whole or in part and whether directly or indirectly, may be used for payment or repayment.

Notes on Schedule

Modifications

C1: Sch. modified (22.8.2020) by The Overseas Territories (Constitutional Modifications) Order 2020 (S.I. 2020/780), arts. 1(2), 3(2)

Commencement

I1: Sch. in force at 1.9.2009, see art. 1(3)