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Vessels Replacement Fund Act

LAWS OF TONGA

1988 Revised Edition]

CHAPTER 145

VESSELS REPLACEMENT FUND ACT

Arrangement of Sections

Section
1 Short title.
2 Fund to be appropriated.
3 Interest to accumulate.
4 Purpose of fund.

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VESSELS REPLACEMENT FUND ACT

Act No. 9 of 1938

AN ACT TO AUTHORIZE THE APPROPRIATION FROM THE SURPLUS FUNDS OF THE KINGDOM OF THE SUM OF TEN THOUSAND PA'ANGA TO BE INVESTED AS A VESSELS REPLACEMENT FUND

Commencement [15th July, 1938]

1 Short title.

This Act may be cited as The Vessels Replacement Fund Act.

2 Fund to be appropriated.

The Treasurer of the Government shall upon being so directed by Privy Council appropriate a sum of $10,000 from the Surplus Funds of the Kingdom and invest or re-invest such sum in such manner as Privy Council shall direct.

3 Interest to accumulate.

Interest on such invested sum of $10,000 shall be allowed to accumulate and the annual amount of interest earned by such invested sum of $10,000 shall be added to the said invested sum.

4 Purpose of fund.

The said invested sum of $10,000 and accumulated interest shall when so required be used exclusively for the purpose of the replacement of any Government Vessels and when so required the Prime Minister with the consent of the Privy Council may authorize expenditure from such fund for the purposes specified herein.

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