Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697642239900.pdf (Bahamas)
EXPORT-IMPORT BANK OF WASHINGTON (CREDIT [IV – 281 EXPORT-IMPORT BANK OF WASHINGTON (CREDIT AGREEMENTS) Act No.

1 of 1967 EXPORT-IMPORT BANK OF WASHINGTON (CREDIT AGREEMENTS) An Act to authorise the Government of the Bahama Islands to enter into credit agreements with The Export- Import Bank of Washington and for purposes connected therewith.

1 of 1967 22 of 1967 20 of 1968 [Commencement 7th April, 1967] 1.

This Act may be cited as the Export-Import Bank Short title.
of Washington (Credit Agreements) Act.

2.

In this Act unless the context otherwise requires — Interpretation.

22 of 1967, s. 2.
“agreement” means a credit agreement made under the provisions of section 3 of this Act; “Bahamas Electricity Corporation” means the cor- poration established by section 3 of the Elec- tricity Act; “Bank” means the Export-Import Bank of Washing- ton, an agency of the Government of the United States of America; “Government” means the Government of the Baha- ma Islands; “Minister” means the Minister of Finance; “Telecommunications Corporation” means the cor- poration established by the Telecommunications Act 1966; “United States” means the United States of America.
(1) Subject to the provisions of this Act, the 3.

Minister, for and on behalf of the Government, may enter into credit agreements with the Bank as follows: Authority to enter into credit agreements.
(a) for the provision of a line of credit, not exceeding a principal amount of fourteen million dollars in the currency of the United States, against which disbursements may be made from time to time to assist the Government in financing the acquisi- tion in the United States and exportation to The ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– STATUTE LAW OF THE BAHAMAS [Original Service 2001] IV – 282] EXPORT-IMPORT BANK OF WASHINGTON (CREDIT Bahamas of equipment, machinery and materials, and payment for related services, required by the Government in connection with the improvement and expansion of the harbour and related facilities at Nassau in New Providence; and (b) for the provision of a line of credit, not exceeding a principal amount of nine million five hundred thousand dollars in the currency of the United States, against which disbursements may be made from time to time to assist the Government in financing the acquisition in the United States and exportation to The Bahamas of equipment, machinery and materials, and payment for related the Bahamas Tele- services, communications Corporation in connection with the improvement and expansion of the telecom- munications and related facilities of The Baha- mas; required by (c) for the provision of a line of credit not exceeding a principal amount of one million, five hundred and twenty-eight thousand, four hundred dollars in the currency of the United States against which disbursements may be made from time to time to
 assist the Government in financing the acquisition in the United States and exportation to The Bahamas of equipment, machinery and materials and payment for related services required by the Bahamas Electricity Corporation in connection with the extension of its generating capacity in New Providence; and (d) for the provision of a further line of credit not exceeding a principal amount of two million six hundred thousand dollars in the currency of the United States, against which disbursements may be made from time to time to assist the Government in financing the acquisition in the United States and exportation to The Bahamas of equipment, machinery and materials, and payment for related services, required by the Bahamas Electricity Corporation in connection with the extension of its generating capacity in New Providence.
22 of 1967, s. 3.

20 of 1968, s. 2.

STATUTE LAW OF THE BAHAMAS [Original Service 2001] EXPORT-IMPORT BANK OF WASHINGTON (CREDIT [IV – 283 Repayment of sums disbursed by the Bank in pursuance of agreements, and payment of interest thereon.

(2) The Minister may enter into the agreements referred to in subsection (1) of this section in such form and subject to such conditions, covenants and terms, not inconsistent with the provisions of this Act, as the Minister considers to be expedient.

4.
(1) An agreement may provide (inter alia) for — (a) the repayment of the aggregate of all disburse- ments made by the Bank pursuant to the terms of such agreement (hereinafter referred to as the principal sum) by instalments or otherwise as may be provided therein; (b) the payment of interest, at a rate not exceeding six per centum per annum, computed, on the basis of the actual number of days using a three hundred and sixty-five day factor, on the amount of the principal sum outstanding from time to time; (c) the payment of a commitment fee at the rate of one-half of one per centum per annum, com- puted in the same manner as provided in paragraph (b) of this subsection in the case of interest, on the amount of the total credit authorised by the agreement which from time to time has not been disbursed by the Bank at the request of the Government in accordance with the terms of the agreement; (d) the issue by the Treasurer, for and on behalf of the Government, of negotiable promissory notes, in such form as may be specified in such agreement, for a sum equal to the principal sum and such agreement, or such lesser sum as may from time to time be payable.
thereon authorised by interest (2) All payments to be made in respect of any matters referred to in subsection (1) of this section shall be a charge upon the Consolidated Fund and shall be made at such time and places and in such manner as shall be provided in the agreement to which they relate, and shall be made in the currency of the United States which at the time of payment is legal tender in that country.
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– STATUTE LAW OF THE BAHAMAS [Original Service 2001] IV – 284] EXPORT-IMPORT BANK OF WASHINGTON (CREDIT Ch.

360 Exemption from taxation.

(3) The provisions of the Exchange Control Regula- tions Act and of any Finance Regulations made thereunder shall not be deemed to permit the exercise of any powers or the imposition of any restrictions inconsistent with the obligations authorised by this section.

5.
All obligations entered into and sums payable or paid pursuant to any agreement shall be free of and exempt from any and all present or future taxes, duties, financial assessments, impositions or other charges of whatsoever kind now or at any time hereafter created, imposed, levied or collected by the Government or any authority constituted by law in The Bahamas and all such sums, whether on account of the principal sum, the interest thereon or any commitment fee, as provided for by section 4 of this Act, shall be paid and discharged by the Government without any deduction whatsoever for or on account of any such tax, duty, financial assessment, imposition or other charge and shall be exempt from any attachment execution or seizure by or for the Government.
STATUTE LAW OF THE BAHAMAS [Original Service 2001]