Securities Industry Act - The Bahamas Laws On-Line - The ...

SECURITIES INDUSTRY [CH.363 – 13
(2) Any borrowing of the Commission pursuant to
subsection (1) shall be subject to the approval of the
Minister as to the amount to be borrowed, the source of the
borrowing and the terms on which the borrowing may be
effected.
(3) An approval given for the purposes of this section
may be either general or limited to a particular borrowing or
otherwise and may be either unconditional or subject to
conditions.
8. (1) Subject to subsection (3), the Minister may
at the request of the Commission make advances to the
Commission for the purposes of enabling the Commission
to defray expenditure properly chargeable to its capital
account, including provision of working capital.
(2) Subject to subsection (3), the Minister may at
the request of the Commission guarantee, in any such
manner and on any such conditions as he thinks fit, the
repayment of the principal of, and the payment of interest
and other charges on, any authorised borrowings of the
Commission made under section 7.
(3) No guarantees shall be given under this section
unless prior approval thereof has been signified by the
House of Assembly in accordance with section 17 of the
Financial Administration and Audit Act.
(4) Where any sum is paid pursuant to a guarantee
given under this section, the Minister shall as soon as
practicable after the end of each financial year beginning
with that in which the sum is issued and ending with that in
which all liability in respect of the principal of the sum and
in respect of interest thereof is finally discharged, lay
before the House of Assembly a statement relating to that
sum.
(5) Any sums required by the Minister for making,
advancing and discharging any guarantees under this
section shall be charged on and issued out of the
Consolidated Fund.
(6) In this section and in this Part “financial year”
means the period of twelve months beginning on 1st
January in any year.
9. (1) The Commission shall make to the Minister
at such times and in such manner as the Minister may
direct, payments on any amount as may be so directed in or
Advances and
guarantee of
borrowings.
Ch. 359.
Repayment of
interest.
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS