Cap. 393 Art. 3Purpose.

(1) Any money borrowed under the authority of this Act, shall be appropriated and applied for the purpose of -

(a) a sum not exceeding seventy five million Maltese liri to make good the deficit incurred by the Consolidated Fund to meet expenditure during the year 1996;

(b) a sum not exceeding twenty-five million Maltese liri to be loaned to the Malta Drydocks (established under the Malta Dockyard Act) to be used exclusively as to twenty million Maltese liri to settle outstanding debts due to the Government of Malta in respect of social security contributions, PAYE and other debts, and as to five million Maltese liri to settle arrears of debit interests on outstanding overdraft and other banking facilities availed of by the said Malta Drydocks; and

(c) a sum not exceeding seventy-five million Maltese liri to make good part of the deficit expected to be incurred by the Consolidated Fund to meet expenditure during the year 1997.

(2) Notwithstanding anything contained in the Malta Dockyard Act and in any other law Malta Drydocks is hereby authorised to take up the loan referred to in paragraph (b) of subsection (1) hereof and the said Malta Drydocks shall be deemed to have properly incurred the debts and taken the overdraft and other facilities therein referred to.

*See Government Notice No. 323 of 2nd May, 1997.