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Ports Authority of Fiji Guarantee (No. 1) Decree 1992

GOVERNMENT OF THE SOVEREIGN DEMOCRATIC REPUBLIC OF FIJI


PORTS AUTHORITY OF FIJI GUARANTEE (NO. 1) DECREE, 1992

DECREE NO. 13 OF 1992


A DECREE TO AUTHORISE THE GOVERNMENT TO GUARANTEE THE REPAYMENT OF THE PRINCIPAL AND THE PAYMENT OF INTEREST OF MONEY BORROWED UNDER PROMISSORY NOTES AND OR BONDS BY THE PORTS AUTHORITY OF FIJI TO AN AMOUNT NOT EXCEEDING FOUR MILLION DOLLARS

IN exercise of the powers vested in me as President of the Sovereign Democratic Republic of Fiji and Commander-in-Chief of the Armed Forces, and acting in accordance with the advice of the Prime Minister and the Cabinet, I hereby make the following Decree—

Short title

1. This Decree may be cited as the Ports Authority of Fiji Guarantee (No. 1) Decree, 1992.

Interpretation

2. In this Decree, unless the context otherwise requires—

"Government" means the Government of the Republic of Fiji;
"Minister" means the Minister responsible for Finance and Economic Planning;
"PAF means the Ports Authority of Fiji.

Government Guarantee

3.—(1) The Minister is hereby authorised to guarantee on behalf of the Government the repayment by PAF of promissory notes and or bonds not exceeding ($4.0m) four million dollars, to be issued with interest by PAF pursuant to Section 22 of the Ports Authority of Fiji Act, Cap. 181.

(2) The guarantee authorised by sub-section (1) of this Section shall apply to promissory notes and or bonds.

Guarantee to be evidenced by instrument

4. The guarantee authorised by Section 3 of this Decree shall be evidenced by an instrument or instruments given under the hand of the Minister.

Conditions of Guarantee

5. For the purpose of the protection of the financial interest of the Government, the Minister shall not give a guarantee under Section 3 of this Decree unless the moneys are borrowed on terms and conditions that the Minister considers reasonable.

Made at Suva this 6th day of February 1992.

PENAIA K. GANILAU

President of the Sovereign Democratic Republic

of Fiji and Commander-in-Chief of the Armed Forces


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