TCI Constitution

Power of Government to borrow or lend 119. (1) Subject to this Constitution, the Government may borrow from any source. (2) The Government shall not borrow, guarantee or raise a loan on behalf of itself or any other public institution, authority or person except— (a) as authorised by or under an Ordinance; and © Crown Copyright 2014 Copying/unauthorised distribution strictly prohibited. Printed under Authority by The Regional Law Revision Centre Inc. www.lawrevision.ai  LAWS OF TURKS & CAICOS ISLANDS Constitution CAP. 1.01 81 Revision Date: 31 Dec 2014 (b) in accordance with any borrowing guidelines agreed with Her Majesty’s Government in the United Kingdom. (3) An Ordinance enacted under subsection (2)(a) shall provide— (a) that the terms and conditions of the loan shall be laid before the House of Assembly and shall not come into force unless they have been approved by a resolution of the House; and (b) that any moneys received in respect of that loan shall be paid into the Consolidated Fund and form part of that Fund or into some other public fund which is existing or is created for the purpose of the loan. (4) The Minister of Finance shall, at such times as the House of Assembly may determine and at least every six months, cause to be presented to the House such information concerning any loan as is necessary to show— (a) the extent of the total indebtedness by way of principal and accumulated interest; (b) the provision made for servicing or repayment of the loan; and (c) the utilisation and performance of the loan. (5) The House of Assembly may, by resolution, authorise the Government to enter into an agreement for the giving of a loan or a grant out of any public fund or public account. (6) An agreement entered into pursuant to subsection (5) shall be laid before the House of Assembly and shall not come into force unless it has been approved by the House by resolution. (7) Any resolution passed by the House of Assembly under subsection (5) or (6) must be compatible with section 109 and the Statement of Governance Principles for the time being in effect. (8) For the purposes of this section, “loan” includes any money lent or given to or by the Government on condition of return or repayment and any other form of borrowing or lending in respect of which— (a) moneys from the Consolidated Fund or any other public fund may be used for payment or repayment; or (b) moneys from any fund by whatever name called, established for the purpose of payment or repayment whether in whole or in part and whether directly or indirectly, may be used for payment or repayment.