Cap. 506 Art. 3Authority to raise loan. Cap. 161.

(1) Subject to the provisions of this Act, the Government of Malta may, for the purposes of article 4, borrow sums of money in Malta for an amount which in total does not exceed fifty-two million Euro, and such other sums of money as the House of Representatives may from time to time by resolution authorise.

(2) For the purpose of raising the aforesaid sums of money by way of loan, the Minister is hereby authorised to borrow the said sums of money on such terms and subject to such conditions as the said Minister may approve under the provisions of the Local Loans

(Registered Stock and Securities) Ordinance, in order to issue stock in Malta: Provided that the Minister may also, when he deems it expedient to do so for reasons of urgency, authorise the temporary use of funds from the Consolidated Fund in order to meet the financing requirements of the Loan Agreement until such time as the proceeds of the borrowing referred to in article 3 shall be obtained.