{"kind":"expression","expression":{"expr_id":"107","doc_id":"107","label":"1999 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/1977\/17\/eng@1999-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1977\/17\", \"expression\": \"\/akn\/ky\/act\/1977\/17\/eng@1999-01-01\", \"manifestation\": \"\/akn\/ky\/act\/1977\/17\/eng@1999-01-01.pdf\"}, \"pdf\": {\"md5\": \"47de800240bdfe055a13f1c262cebcb3\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.pdf\", \"pages\": 10, \"filename\": \"1977-0017_1999 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2233, \"paragraph_count\": 14, \"text_char_count\": 14151}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"10. Powers exercisable by the Governor in the event or prospect of default by a statutory 11. 12. 13. Loans (Caribbean Development Bank) Law (1999 Revision) LOANS (CARIBBEAN DEVELOPMENT BANK) LAW (1999 Revision) ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Loans (Caribbean Development Bank) Law (1999 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In this Law \u2014 \u201cBank\u201d means the Caribbean Development Bank; \u201cGovernment\u201d means the Government of the Islands; \u201cGovernor\u201d means the Governor in Council; \u201cMember\u201d means the Member of Executive Council responsible for Finance; and \u201cstatutory authority\u201d means an authority established by statute exercising powers vested in it for a public purpose. Loans (Caribbean Development Bank) Law\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Power of the Governor to borrow from the Caribbean Development Bank 3. (1) Subject to this Law, the Governor may, in such manner, on such terms and subject to such conditions as may be agreed between the Governor and the Bank, borrow from the Bank, from time to time, such sums as may be required by the Government not exceeding two hundred and fifty thousand dollars or, with the consent of the Legislative Assembly, amounts in excess of that sum. (2) Sums borrowed by the Governor under subsection (1) shall be applied and are appropriated to the purposes for which they were borrowed as specified in any agreement concluded with the Bank in respect of such sums: Provided that where any part of such sum cannot be applied to such purposes, such part may be applied to such other purposes as may be approved by the Governor and the Bank. (3) Agreements between the Governor and the Bank in respect of sums borrowed under subsection (1) shall be made in the name of the Government and may be signed by the Member or by a person authorised by the Governor in writing. (4) As soon as possible after an agreement has been concluded with the Bank in respect of any sum borrowed under subsection (1), the Member shall cause a copy thereof to be laid before the Legislative Assembly. (5) Nothing in this section affects or derogates from any other power of the Governor to borrow money.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Loans, etc., to be charged on general revenue and assets of the Islands 4. There are hereby charged on and payable out of the general revenues and assets of the Islands all amounts \u2014 (a) required for the repayment of any sums borrowed under section 3, and all interest and other charges on such sums; (b) required for repayment to the Treasury of the United Kingdom, with interest at such rate as the said Treasury may fix, of any sum issued in pursuance of the Colonial Loans Act, 1949 [U.K. Act] (as amended) of the United Kingdom on account of any guarantee under that Act of any sums borrowed under section 3; or (c) payable pursuant to any guarantee or undertaking given under section 8.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Power to issue instruments including bonds 5. (1) The Governor may issue such bonds, promissory notes or other instruments on such terms and conditions as may be necessary for giving effect to the terms of any agreement which may be entered into by him with the Bank in respect of any borrowing authorised by section 3(1). Loans (Caribbean Development Bank) Law (1999 Revision) (2) Such bonds, promissory notes or other instruments may be signed on behalf of the Governor by the Member or by any other person authorised by the Governor in writing.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Borrowing from the Bank by statutory authorities 6. (1) Subject to this Law, a statutory authority may, in such manner and subject to such terms and conditions as may be agreed between the statutory authority and the Bank and with the approval in writing first obtained of the Governor, borrow from the Bank, from time to time, such sums as may be required by the statutory authority not exceeding two hundred and fifty thousand dollars or, with the consent of the Legislative Assembly, amounts in excess of that sum. (2) Notwithstanding anything to the contrary, any agreement between the statutory authority and the Bank is valid and binding on the authority if signed on behalf of the authority by a person approved by the Governor and authorised thereto in writing under the seal of the statutory authority. (3) The power to borrow conferred by this section on a statutory authority is in addition to any power to borrow conferred on such authority under any other law. (4) Notwithstanding anything to the contrary, a statutory authority may charge or mortgage all or any of its property (movable or immovable), undertaking or revenue to secure any sum owing to the Bank in respect of sums borrowed by it under subsection (1). (5) Notwithstanding anything to the contrary, a statutory authority may issue such bonds, promissory notes and other instruments on such terms and conditions as may be necessary for giving effect to any agreement which may be entered into by it with the Bank in respect of any borrowing authorised by subsection (1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Application of loan moneys by statutory authorities 7. Sums borrowed by a statutory authority under section 6(1) shall be applied by the authority to the purposes for which the sums were borrowed as specified in any agreement concluded with the Bank in respect of such sums: Provided that where any part of such sum cannot be applied to such purposes such part may be applied by the statutory authority to any other purposes approved by the Governor and the Bank.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Power of Governor to guarantee loans by Bank to statutory authorities 8. (1) The Governor may, in such manner, on such terms and subject to such conditions as may be agreed between him and the Bank and with the consent of the Legislative Assembly when the sum involved exceeds two hundred and fifty thousand dollars \u2014 Loans (Caribbean Development Bank) Law (a) guarantee the discharge by a statutory authority of its obligations under any agreement entered into by the statutory authority and the Bank in respect of any borrowing authorised by section 6(1) or under any bond, promissory note or other instrument issued under such agreement; and (b) undertake such other obligations as may be agreed between the Governor and the Bank in relation to or pursuant to any such agreement, bond, promissory note or instrument. (2) Guarantees and undertakings given under subsection (1) shall be given in writing in the name of the Government, and any endorsement of any bond, promissory note or other instrument of any guarantee given under subsection (1) may be signed on behalf of the Government by the Member or by any person authorised in writing by the Governor. (3) As soon as possible after a guarantee or undertaking is given under this section, the Governor shall cause to be laid before the Legislative Assembly a statement of such guarantee or undertaking.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Restriction on borrowing powers of statutory authorities so far as guarantee outstanding 9. So long as the Government continues liable under any guarantee or other undertaking given under section 8(1) in respect of any borrowing by a statutory authority, the statutory authority shall not, except with the consent of the Governor, exercise any other of its powers to borrow.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Powers exercisable by the Governor in the event or prospect of default by a statutory authority 10. (1) Where it appears to the Governor that there is reasonable cause to believe \u2014 (a) that a statutory authority is likely to fail to discharge any of its obligations under any agreement concluded by it with the Bank or under any bond, promissory note or other instrument issued pursuant to any such agreement; and (b) that the Government is or may become liable under any guarantee or other undertaking given under section 8(1) in respect of such obligation, the Governor may, by order, give or authorise any other person to give such directions to the statutory authority as he or such other person may, from time to time, think necessary or desirable to ensure that satisfactory arrangements are made by the authority to enable it duly to discharge its obligations under such agreement, bond, promissory note or instrument or under this Law. (2) The statutory authority shall, notwithstanding any provision contained in any other law, comply with directions given by or under any such order. (3) Nothing in this section affects or derogates from any other power of the Governor or other public officer in respect of the statutory authority. Loans (Caribbean Development Bank) Law (1999 Revision) (4) Where any sum becomes payable by the Government pursuant to a guarantee or undertaking given in exercise of section 8, that sum shall be charged on the general revenue and assets of the Islands and the Governor shall direct payment to issue thereout.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Statutory authorities to repay to general revenue sums paid under guarantee 11. (1) If any sum is paid out of the general revenue in respect of any liability incurred by the Governor under a guarantee or other undertaking given under section 8(1) in respect of any borrowing by a statutory authority, the statutory authority shall repay such sum (together with interest thereon at such rate as the Governor may, from time to time, specify) to the general revenue in such manner and at such time or by such instalments as the Governor may direct. (2) Sums so paid out of the general revenue shall, as soon as possible after the end of each financial year beginning with that in which the sum was paid and ending with that in which all liability in respect thereof and any interest payable thereon is finally discharged by the statutory authority concerned, be laid by the Governor before the Legislative Assembly in a statement relating thereto.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Arbitration 12. Disputes between the Bank on the one part and the Governor or a statutory authority or both on the other part arising under agreements concluded or guarantees or undertakings given by this Law or under any bond, promissory note or other instrument issued pursuant to any such agreement shall be determined by arbitration in the manner agreed by the parties.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Implementation of agreements 13. (1) Notwithstanding anything to the contrary, agreements concluded with the Bank in respect of borrowing authorised by section 3(1) or 6(1) and bonds, promissory notes or other instruments issued pursuant to any such agreement and guarantees or undertakings given in respect of any such agreements, bonds, promissory notes or instruments by the Governor or a statutory authority are valid and enforceable in the Islands. (2) Neither the Government nor any agency thereof nor any statutory authority shall, except as shall be otherwise agreed between the Governor 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 Islands or to a statutory authority. Loans (Caribbean Development Bank) Law (3) In subsection (2) \u2014 \u201cexternal debt\u201d means a debt payable in any medium other than currency which at the time in question is legal tender in the Islands whether such debt is payable absolutely or at the option of the creditor in such other medium; and \u201clien\u201d \u2018includes mortgages, pledges, charges, privileges and priorities of every kind. Publication in revised form authorised by the Governor in Council this 8th day of June, 1999. Carmena H. Parsons Clerk of Executive Council\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_1999_01_01\", \"date\": \"1999-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_1999_01_01\", \"timeInterval\": 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\"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/1977\/17\/eng@1999-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1977\/17\/eng@1999-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Loans (Caribbean Development Bank) Act\", \"actNumber\": \"17 of 1977\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nLOANS (CARIBBEAN DEVELOPMENT\nBANK) LAW\n\n(1999 Revision)\nSupplement No. 1 published with Gazette No. 17 of 16th August, 1999.\n\nPage 2\nRevised as at 8th day of June, 1999\nc\n\nPUBLISHING DETAILS\nRevised under the authority of the Law Revision Law (1999 Revision).\n\nOriginally enacted-\n\nLaw 17 of 1977-27th July, 1977\n\nRevised this 8th day of June, 1999.\n\nLoans (Caribbean Development Bank) Law (1999 Revision)\nArrangement of Sections\n\nc\nRevised as at 8th day of June, 1999\nPage 3\n\nCAYMAN ISLANDS\n\nLOANS (CARIBBEAN DEVELOPMENT BANK)\nLAW\n(1999 Revision)\nArrangement of Sections\nSection\nPage\n1.\nShort title ...................................................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n3.\nPower of the Governor to borrow from the Caribbean Development Bank .................................6\n4.\nLoans, etc., to be charged on general revenue and assets of the Islands ..................................6\n5.\nPower to issue instruments including bonds...............................................................................6\n6.\nBorrowing from the Bank by statutory authorities .......................................................................7\n7.\nApplication of loan moneys by statutory authorities ....................................................................7\n8.\nPower of Governor to guarantee loans by Bank to statutory authorities .....................................7\n9.\nRestriction on borrowing powers of statutory authorities so far as guarantee outstanding ..........8\n10.\nPowers exercisable by the Governor in the event or prospect of default by a statutory\nauthority.....................................................................................................................................8\n11.\nStatutory authorities to repay to general revenue sums paid under guarantee ...........................9\n12.\nArbitration ..................................................................................................................................9\n13.\nImplementation of agreements ...................................................................................................9\n\nLoans (Caribbean Development Bank) Law (1999 Revision)\nSection 1\n\nc\nRevised as at 8th day of June, 1999\nPage 5\n\nCAYMAN ISLANDS\n\nLOANS (CARIBBEAN DEVELOPMENT BANK)\nLAW\n(1999 Revision)\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Loans (Caribbean Development Bank) Law (1999\nRevision).\n2.\nDefinitions\n2.\nIn this Law \u2014\n\u201cBank\u201d means the Caribbean Development Bank;\n\u201cGovernment\u201d means the Government of the Islands;\n\u201cGovernor\u201d means the Governor in Council;\n\u201cMember\u201d means the Member of Executive Council responsible for\nFinance; and\n\u201cstatutory authority\u201d means an authority established by statute exercising\npowers vested in it for a public purpose.\n\nSection 3\nLoans (Caribbean Development Bank) Law\n\nPage 6\nRevised as at 8th day of June, 1999\nc\n\n3.\nPower of the Governor to borrow from the Caribbean Development Bank\n3.\n(1) Subject to this Law, the Governor may, in such manner, on such terms and\nsubject to such conditions as may be agreed between the Governor and the\nBank, borrow from the Bank, from time to time, such sums as may be required\nby the Government not exceeding two hundred and fifty thousand dollars or,\nwith the consent of the Legislative Assembly, amounts in excess of that sum.\n(2) Sums borrowed by the Governor under subsection (1) shall be applied and are\nappropriated to the purposes for which they were borrowed as specified in any\nagreement concluded with the Bank in respect of such sums:\nProvided that where any part of such sum cannot be applied to such purposes,\nsuch part may be applied to such other purposes as may be approved by the\nGovernor and the Bank.\n(3) Agreements between the Governor and the Bank in respect of sums borrowed\nunder subsection (1) shall be made in the name of the Government and may be\nsigned by the Member or by a person authorised by the Governor in writing.\n(4) As soon as possible after an agreement has been concluded with the Bank in\nrespect of any sum borrowed under subsection (1), the Member shall cause a\ncopy thereof to be laid before the Legislative Assembly.\n(5) Nothing in this section affects or derogates from any other power of the\nGovernor to borrow money.\n4.\nLoans, etc., to be charged on general revenue and assets of the Islands\n4.\nThere are hereby charged on and payable out of the general revenues and assets of\nthe Islands all amounts \u2014\n(a)\nrequired for the repayment of any sums borrowed under section 3, and all\ninterest and other charges on such sums;\n(b) required for repayment to the Treasury of the United Kingdom, with\ninterest at such rate as the said Treasury may fix, of any sum issued in\npursuance of the Colonial Loans Act, 1949 [U.K. Act] (as amended) of\nthe United Kingdom on account of any guarantee under that Act of any\nsums borrowed under section 3; or\n(c)\npayable pursuant to any guarantee or undertaking given under section 8.\n5.\nPower to issue instruments including bonds\n5.\n(1) The Governor may issue such bonds, promissory notes or other instruments on\nsuch terms and conditions as may be necessary for giving effect to the terms of\nany agreement which may be entered into by him with the Bank in respect of\nany borrowing authorised by section 3(1).\n\nLoans (Caribbean Development Bank) Law (1999 Revision)\nSection 6\n\nc\nRevised as at 8th day of June, 1999\nPage 7\n\n(2) Such bonds, promissory notes or other instruments may be signed on behalf of\nthe Governor by the Member or by any other person authorised by the\nGovernor in writing.\n6.\nBorrowing from the Bank by statutory authorities\n6.\n(1) Subject to this Law, a statutory authority may, in such manner and subject to\nsuch terms and conditions as may be agreed between the statutory authority\nand the Bank and with the approval in writing first obtained of the Governor,\nborrow from the Bank, from time to time, such sums as may be required by the\nstatutory authority not exceeding two hundred and fifty thousand dollars or,\nwith the consent of the Legislative Assembly, amounts in excess of that sum.\n(2) Notwithstanding anything to the contrary, any agreement between the statutory\nauthority and the Bank is valid and binding on the authority if signed on behalf\nof the authority by a person approved by the Governor and authorised thereto\nin writing under the seal of the statutory authority.\n(3) The power to borrow conferred by this section on a statutory authority is in\naddition to any power to borrow conferred on such authority under any\nother law.\n(4) Notwithstanding anything to the contrary, a statutory authority may charge or\nmortgage all or any of its property (movable or immovable), undertaking or\nrevenue to secure any sum owing to the Bank in respect of sums borrowed by\nit under subsection (1).\n(5) Notwithstanding anything to the contrary, a statutory authority may issue such\nbonds, promissory notes and other instruments on such terms and conditions as\nmay be necessary for giving effect to any agreement which may be entered\ninto by it with the Bank in respect of any borrowing authorised by\nsubsection (1).\n7.\nApplication of loan moneys by statutory authorities\n7.\nSums borrowed by a statutory authority under section 6(1) shall be applied by the\nauthority to the purposes for which the sums were borrowed as specified in any\nagreement concluded with the Bank in respect of such sums:\nProvided that where any part of such sum cannot be applied to such purposes such\npart may be applied by the statutory authority to any other purposes approved by the\nGovernor and the Bank.\n8.\nPower of Governor to guarantee loans by Bank to statutory authorities\n8.\n(1) The Governor may, in such manner, on such terms and subject to such\nconditions as may be agreed between him and the Bank and with the consent\nof the Legislative Assembly when the sum involved exceeds two hundred and\nfifty thousand dollars \u2014\n\nSection 9\nLoans (Caribbean Development Bank) Law\n\nPage 8\nRevised as at 8th day of June, 1999\nc\n\n(a)\nguarantee the discharge by a statutory authority of its obligations under\nany agreement entered into by the statutory authority and the Bank in\nrespect of any borrowing authorised by section 6(1) or under any bond,\npromissory note or other instrument issued under such agreement; and\n(b) undertake such other obligations as may be agreed between the Governor\nand the Bank in relation to or pursuant to any such agreement, bond,\npromissory note or instrument.\n(2) Guarantees and undertakings given under subsection (1) shall be given in\nwriting in the name of the Government, and any endorsement of any bond,\npromissory note or other instrument of any guarantee given under\nsubsection (1) may be signed on behalf of the Government by the Member or\nby any person authorised in writing by the Governor.\n(3) As soon as possible after a guarantee or undertaking is given under this\nsection, the Governor shall cause to be laid before the Legislative Assembly a\nstatement of such guarantee or undertaking.\n9.\nRestriction on borrowing powers of statutory authorities so far as\nguarantee outstanding\n9.\nSo long as the Government continues liable under any guarantee or other\nundertaking given under section 8(1) in respect of any borrowing by a statutory\nauthority, the statutory authority shall not, except with the consent of the Governor,\nexercise any other of its powers to borrow.\n10.\nPowers exercisable by the Governor in the event or prospect of default by a\nstatutory authority\n10. (1) Where it appears to the Governor that there is reasonable cause to believe \u2014\n(a)\nthat a statutory authority is likely to fail to discharge any of its\nobligations under any agreement concluded by it with the Bank or under\nany bond, promissory note or other instrument issued pursuant to any\nsuch agreement; and\n(b) that the Government is or may become liable under any guarantee or\nother undertaking given under section 8(1) in respect of such obligation,\nthe Governor may, by order, give or authorise any other person to give such\ndirections to the statutory authority as he or such other person may, from time\nto time, think necessary or desirable to ensure that satisfactory arrangements\nare made by the authority to enable it duly to discharge its obligations under\nsuch agreement, bond, promissory note or instrument or under this Law.\n(2) The statutory authority shall, notwithstanding any provision contained in any\nother law, comply with directions given by or under any such order.\n(3) Nothing in this section affects or derogates from any other power of the\nGovernor or other public officer in respect of the statutory authority.\n\nLoans (Caribbean Development Bank) Law (1999 Revision)\nSection 11\n\nc\nRevised as at 8th day of June, 1999\nPage 9\n\n(4) Where any sum becomes payable by the Government pursuant to a guarantee\nor undertaking given in exercise of section 8, that sum shall be charged on the\ngeneral revenue and assets of the Islands and the Governor shall direct\npayment to issue thereout.\n11.\nStatutory authorities to repay to general revenue sums paid under\nguarantee\n11. (1) If any sum is paid out of the general revenue in respect of any liability\nincurred by the Governor under a guarantee or other undertaking given under\nsection 8(1) in respect of any borrowing by a statutory authority, the statutory\nauthority shall repay such sum (together with interest thereon at such rate as\nthe Governor may, from time to time, specify) to the general revenue in such\nmanner and at such time or by such instalments as the Governor may direct.\n(2) Sums so paid out of the general revenue shall, as soon as possible after the end\nof each financial year beginning with that in which the sum was paid and\nending with that in which all liability in respect thereof and any interest\npayable thereon is finally discharged by the statutory authority concerned, be\nlaid by the Governor before the Legislative Assembly in a statement relating\nthereto.\n12.\nArbitration\n12. Disputes between the Bank on the one part and the Governor or a statutory authority\nor both on the other part arising under agreements concluded or guarantees or\nundertakings given by this Law or under any bond, promissory note or other\ninstrument issued pursuant to any such agreement shall be determined by arbitration\nin the manner agreed by the parties.\n13.\nImplementation of agreements\n13. (1) Notwithstanding anything to the contrary, agreements concluded with the\nBank in respect of borrowing authorised by section 3(1) or 6(1) and bonds,\npromissory notes or other instruments issued pursuant to any such agreement\nand guarantees or undertakings given in respect of any such agreements,\nbonds, promissory notes or instruments by the Governor or a statutory\nauthority are valid and enforceable in the Islands.\n(2) Neither the Government nor any agency thereof nor any statutory authority\nshall, except as shall be otherwise agreed between the Governor and the Bank,\ncreate any lien on any of its assets as security for any external debt unless it is\nexpressly provided that the lien will ipso facto equally and rateably secure the\npayment of the principal of and interest and other charges on any loan made by\nor any bonds, promissory notes or instruments issued pursuant to any loan\nmade by the Bank to the Islands or to a statutory authority.\n\nSection 13\nLoans (Caribbean Development Bank) Law\n\nPage 10\nRevised as at 8th day of June, 1999\nc\n\n(3) In subsection (2) \u2014\n\u201cexternal debt\u201d means a debt payable in any medium other than currency\nwhich at the time in question is legal tender in the Islands whether such debt is\npayable absolutely or at the option of the creditor in such other medium; and\n\u201clien\u201d \u2018includes mortgages, pledges, charges, privileges and priorities of\nevery kind.\n\nPublication in revised form authorised by the Governor in Council this 8th day of\nJune, 1999.\nCarmena H. Parsons\nClerk of Executive Council","akn_extracted_at":"2026-06-22 15:34:42.598495+00","cms_id":"1977-0017","law_type":"principal","year":"1977","number":"17","title":"Loans (Caribbean Development Bank) Act","status":"in_force"},"provenance":{"files":[{"file_id":"4912","expr_id":"107","kind":"akn_xml","filename":"1977-0017_1999 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.akn.xml","content_md5":"8dc95540995bc061509dc539a4092a03","byte_size":"15693","http_last_modified":null,"fetched_at":"2026-06-22 15:34:42.954288+00"},{"file_id":"213","expr_id":"107","kind":"pristine_pdf","filename":"1977-0017_1999 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.pdf","content_md5":"47de800240bdfe055a13f1c262cebcb3","byte_size":"368142","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.94469+00"},{"file_id":"214","expr_id":"107","kind":"working_pdf","filename":"1977-0017_1999 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1977\/1977-0017\/1977-0017_1999 Revision.pdf","content_md5":"47de800240bdfe055a13f1c262cebcb3","byte_size":"368142","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.94469+00"}],"paragraph_count":5,"latest_history":null},"quality":{"expr_id":"107","doc_id":"107","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample appears mostly complete but shows abrupt truncation in Section\u202f6 and stray \"c\" markers; recommend full text verification.","assessed_at":"2026-06-22 15:29:45.111986+00","updated_at":"2026-06-22 15:29:45.111986+00"}}