LOCAL AUTHORITIES LOANS FUND ACT.
ARRANGEMENT OF SECTIONS.
Section
3. Meetings and procedure of the board.
5. Establishment of Local Authorities Loans Fund.
6. Loans by the board and repayment of the loans.
8. Charge of loan on rates and revenues of local authority.
9. Discharge of security on repayment of the loan.
11. Establishment and application of sinking fund.
14. Provisions as to local bonds.
15. Stock and bonds to be trustee securities.
16. Transfers of stock and bonds exempt from stamp duty.
18. Power of Minister to give directions to the board.
CHAPTER 239
LOCAL AUTHORITIES LOANS FUND ACT.
Commencement: 12 June, 1970.
An Act to facilitate the borrowing of money by local authorities for capital development, to establish a Local Authorities Loans Fund for that purpose; and for other purposes connected therewith.
In this Act, unless the context otherwise requires—
(a) "board" means the Local Authorities Loans Fund Board established by section 2;
(b) "financial year" means the period of 12 months ending on the 30th"> June in each year;
(c) "fund" means the Local Authorities Loans Fund;
(d) "local authority" means a district administration, an urban authority and the Kampala and District Water Board;
(e) "Minister" means the Minister for the time being responsible for local administrations and urban authorities;
(f) "statutory securities" means any securities in which trustees are for the time being authorised by law to invest trust monies and any security created by a local authority other than securities transferable by delivery.
(1) There is established a board to be known as the Local Authorities Loans Fund Board consisting of—
(a) the Permanent Secretary to the Ministry responsible for local administrations and urban authorities as chairperson or his or her representative;
(b) the Permanent Secretary to the Ministry responsible for finance or his or her representative;
(c) the Permanent Secretary to the Ministry responsible for planning and economic development or his or her representative;
(d) the Permanent Secretary to the Ministry responsible for health or his or her representative;
(e) the Permanent Secretary to the Ministry responsible for education or his or her representative;
(f) the Permanent Secretary to the Ministry responsible for works, communications and housing or his representative; and
(g) such other members not exceeding five as may be determined and appointed from time to time by the Minister.
(2) Every appointed member of the board under subsection (1)(g) shall hold office during the pleasure of the Minister.
(3) The board shall be a bo
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