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Asian Development Bank Loans Act 1969 and 1971

CONSOLIDATED ACTS OF SAMOA 2008

ASIAN DEVELOPMENT BANK LOANS

THE ASIAN DEVELOPMENT LOAN
ACT 1969

Arrangement of Provisions

TITLE
1. Short title
2. Interpretation
3. Authority to borrow from the Bank
4. Receipt and expenditure of loan money
5. Repayment of principal and payment of interest
6. Implementation of obligations under Loans Agreement
7. Financial Powers Act not to apply

THE ASIAN DEVELOPMENT LOAN
ACT 1971

TITLE
1. Short title
2. Interpretation
3. Authority to borrow from the Bank
4. Power to issue instruments, including bonds
5. Repayment of principal and payment of interest
6. Implementation of obligations under agreements
7. Arbitration

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THE ASIAN DEVELOPMENT BANK LOAN ACT 1969

1969 No.25

AN ACT to provide for the raising of a loan from the Asian Development Bank and for matters connected therewith.

(11 December 1969)
(Commencement date 11 December 1969)

1. Short title - This Act may be cited as the Asian Development Bank Loan Act 1969.

2. Interpretation - In this Act, unless the context otherwise requires:

"Bank" means the Asian Development Bank.

"Department" means the Department of Public Works.

"Director" means the Director of Works.

"Enactment" includes every Act, Ordinance, Order, Proclamation, notice, rules and regulations which are in force in Western Samoa, whether enacted or made in Western Samoa or in New Zealand, and every part thereof.

"Government" means the Government of Western Samoa.

"Minister" means the Minister of Finance.

"Loan" means the loan agreed to be made by the Loan Agreement and authorised by this Act.

"Loan Agreement" means an agreement between the Government and the Bank for the borrowing of an amount in various foreign currencies equivalent to $US2, 400,000 for the purposes of the project.

"Project" consists of the reconstruction and upgrading of the existing Airport at Faleolo and the existing road of approximately 24 miles between Mulifanua and Apia, as more particularly described in Schedule 2 of the Loan Agreement.

"Western Samoa" means the Independent State of Western Samoa.

3. Authority to borrow from the Bank - (1) Notwithstanding anything contained in the Public Finance Management Act 2001 or any other Act, the Minister is hereby authorised to borrow from the Bank, for the purposes of the project, in accordance with the provisions of this Act and the Loan Agreement, up to an amount in various foreign currencies equivalent to $US2,400,000.

(2) The amount of the loan within the limit set by this Act, the rate of interest, the date or dates upon which the money is to be repaid, and the other terms and conditions of the loan, shall be as determined between the Government and the Bank in the Loan Agreement.

(3) The Loan Agreement may be signed on behalf of the Government by the Minister or by any other person authorised thereto by the Minister in writing.

4. Receipt and expenditure of loan money - All money received by the Government under the Loan Agreement shall be paid into such special fund or account as may be agreed between the Government and the Bank, and expenditure of such money maybe made for the purposes for which it was borrowed or for such other purposes as may be agreed between the Government and the Bank, and shall be charged on and be made from that fund or account and be statutory expenditure.

5. Repayment of principal and payment of interest-(1) All principal, interest and other money repayable or payable under the Loan Agreement is hereby declared to be a charge on the public revenues of Western Samoa and on the Treasury Fund or such other fund or account as the Minister thinks fit, and to be statutory expenditure, and to be payable out of the last mentioned fund or account at the time or times therefore provided in the Loan Agreement.

(2) Notwithstanding anything to the contrary in the Financial Powers Act 1964:

(a) It shall not be necessary to issue or register stock in respect of the loan; and

(b) The Government need not set aside or pay any amount in any half year during the currency of the loan as a contribution to the National Loans Sinking Fund.

6. Implementation of obligations under Loan Agreement - (1) Notwithstanding anything contained in any other enactment, the Loan Agreement shall be valid and enforceable and have full force and effect in Western Samoa in accordance with its terms.

(2) Without prejudice to the generality of the provisions of subsection (1) of this section:

(a) No stamp duty or other tax shall be payable on the Loan Agreement;

(b) The principal of the loan shall be repayable, and the interest on and any other charges in respect of the loan shall be payable, free from liability for income tax and any other tax and free from any currency or exchange control restriction;

(c) The Government is hereby empowered to employ a foreign firm of consultants acceptable to the Bank, to prepare or assist with the preparation of plans, specifications, work schedules, and construction methods for the project, and to assist with the procurement of equipment and supplies for the project and with the supervision of work on the project, and to pay the fees chargeable by that firm;

(d) The Government is hereby empowered to procure such equipment and supplies for the project as it thinks fit otherwise than through the Stores Division of the Treasury;

(e) The Government is hereby empowered to establish a Special Projects Division of the Department to carry out the work on the project, under the general supervision of the Minister of Works and the Director and the technical supervision of the consultants, to recruit the necessary staff of the Division, and to pay all or some of the staff of the Division on a fee or contract basis so as not to include them in the Public Service within the meaning of Article 83 of the Constitution.

7. Financial Powers Act not to apply - The Financial Powers Act 1964 shall not apply to any borrowing by the Government from the Bank in accordance with this Act.

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THE ASIAN DEVELOPMENT BANK LOAN ACT 1971

1971 No.6

AN ACT to provide for the raising of loans from the Asian Development Bank and for matters connected therewith. (15 July 1971)

1. Short title - This Act may be cited as the Asian Development Bank Loan Act 1971.

2. Interpretation - In this Act, unless the context otherwise requires:

"Bank" means the Asian Development Bank.

"Enactment" includes every Act, Ordinance, Order, Proclamation, notice, rules and regulations which are in force in Samoa or in New Zealand, and every part thereof.

"Government" means the Government of Samoa.

"Minister" means the Minister of Finance.

3. Authority to borrow from the Bank - (1) Notwithstanding anything contained in the Public Finance Management Act 2001 or any other enactment, the Government may in such manner and on such terms and subject to such conditions as may be agreed between the Government and the Bank borrow from the Bank from time to time such sums as may be required by the Government.

(2) Any sums borrowed by the Government under the powers conferred by subsection (1) for the requirements of the Government shall be paid into such special fund as may be designated by the Minister, and shall be expended only for the purposes for which they are borrowed as specified in the relevant agreement concluded between the Government and the Bank and all such expenditures shall be charged on and be made from the fund designated by the Minister and shall be statutory expenditure.

(3) Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection (1) shall be made in the name of the Government and may be signed on behalf of the Government by the Minister or by any person authorised thereto in writing by the Minister.

(4) The Minister shall submit to the Legislative Assembly a report on each loan as soon as possible after the relevant agreement has been signed on behalf of the Government.

(5) Nothing in the provisions of this section shall affect or derogate from any other power to borrow money possessed by the Government.

4. Power to issue instruments, including bonds - (1) Notwithstanding anything contained in any enactment, the Government may issue such bonds, promissory notes or other instruments on such terms and conditions as may be necessary for the purpose of giving effect to the terms of any agreement which may be entered into by it with the Bank in respect of any borrowing authorised by section 3(1).

(2) Any such bond, promissory note or other instrument may be signed on behalf of the Government by the Minister or by any other person authorised thereto in writing by the Minister.

(3) Notwithstanding the provisions of the Public Finance Management Act 2001, it shall not be necessary to issue or register stock in respect of any loan borrowed from the Bank, nor to set aside or pay any amount in any half year during the currency of such loan as a contribution to the National Loans Sinking Fund.

5. Repayment of principal and payment of interest - All principal, interest, and other money repayable or payable in respect of sums borrowed by the Government from the Bank is hereby declared to be a charge on the public revenues of Samoa and on the Treasury Fund or such other fund or account as the Minister may decide, and to be statutory expenditure, and to be payable out of any such fund or account at the time or times therefor provided in any agreement concluded with the Bank in respect of the sums so borrowed.

6. Implementation of obligations under agreements - (1) Notwithstanding anything contained in any other enactment, any agreement concluded between the Government and the Bank in respect of sums borrowed by the Government from the Bank and any bond, promissory note or other instrument issued pursuant to any such agreement shall be valid and enforceable and have full force and effect in Samoa in accordance with its terms.

(2) Without prejudice to the generality of the provisions of subsection (1):

(a) No stamp duty or other tax shall be payable on such agreement and any bond, promissory note or other instrument issued pursuant to any such agreement;

(b) The principal of the loan obtained and the bond issued hereunder shall be repayable and the interest and other charges thereon shall be payable without deduction for and free from liability for income tax and any other tax and free from any currency or exchange control restrictions.

(3) The Financial Powers Act 1964 shall not apply to any borrowing by the Government from the Bank in accordance with this Act.

(4) The Government shall not, except as shall be otherwise agreed between the Minister and the Bank, create any lien on any of its assets as security for any external debt, unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal of and interest and other charges on any loan made by, or any bonds, promissory notes or instruments issued pursuant to any loan made by, the Bank to the Government:

PROVIDED however that the foregoing provisions of this subsection shall not apply to:

(a) Any lien created on property at the time of purchase thereof, solely as security for the payment of the purchase price of such property; or

(b) Any lien arising in the ordinary course of banking transactions and securing a debt maturing not more than one year after its date.

(5) In subsection (4) "lien" includes mortgages, pledges, charges, privileges and priorities of any kind; and "external debt" means any debt payable in any medium other than currency which at the time in question is legal tender for the payment of private and public debt in Samoa whether such debt is payable absolutely or at the option of the creditor in such other medium.

7. Arbitration - If any dispute between the Bank on the one part and the Government on the other part arises under any agreement concluded in exercise of the powers conferred by this Act or under any bond, promissory note or any instrument issued pursuant to any such agreement, it shall be determined by arbitration in manner agreed between the parties, and any award made in such arbitration shall be enforceable in Samoa in all respects as if it had been validly made in an arbitration under the provisions of the Arbitration Act 1976 or any other written law relating to arbitration for the time being in force in Samoa, and for the purposes of this section the provisions of such Act or law shall be binding on the Government.

REVISION NOTES 2008

This law has been generally edited as provided for by section 5 of the Revision and Publication of Laws Act 2008. The following general revisions have been made –

(a) References to Western Samoa have been amended to Samoa in accordance with an amendment to the Constitution of Samoa in 1997.

(b) The fines have been amended and are stated as penalty units as provided for by the Fines (Review and Amendment) Act 1998.

(c) All references to the male gender have been made gender neutral.

(d) Amendments have been made to conform to modern drafting styles and to use modern language as applied in the laws of Samoa.

(e) Amendments have been made to up-date references to offices, officers and statutes.

(f) Other minor editing has been done in accordance with the lawful powers of the Attorney General.

There were no amendments made to this law since the publication of the Western Samoa Statutes Reprint 1978-1996.

Revised and consolidated by Graham Bruce Powell
Under the supervision of Teleiai Lalotoa Sinaalamaimaleula Mulitalo
(Parliamentary Counsel)

REVISION NOTES 2008 No. 2

The general powers of the Attorney General under section 4 of the Revision and Publication of Laws Act 2008 is used to insert the commencement date. By virtue of section 8 of the Acts Interpretation Act 1974, in the absence of an expressed commencement date, the date of assent is the commencement date.

There were no amendments made to this law since the publication of the Consolidated and Revised Statutes of Samoa 2007.

Revised and consolidated by the Legislative Drafting Division under the supervision of Teleiai Lalotoa Sinaalamaimaleula Mulitalo (Parliamentary Counsel)

The Asian Development Bank Loans Act 1969/1971
is administered in the Ministry of Finance.