Print Options

(1) The following Acts are repealed:

(a) the Financial Administration Act, 2003 (Act 654); and

(b) the Loans Act, 1970 (Act 335).

(2) Section 16(8) of the Internal Audit Agency Act, 2003 (Act 658) is repealed.

(3) Section 30 of the Audit Service Act, 2000 (Act 584) is repealed.

(4) Despite the repeal of the enactments in subsection (1), the Regulations, orders, rules and instructions relating to the administration of public finance, government stores and public corporation other than that set up for commercial purposes made or done under the repealed enactments shall continue to have effect as if made or done under this Act with the necessary modification until the Regulations, orders, rules and instructions are revoked, reviewed, cancelled, withdrawn or terminated by Regulations, orders or directives under this Act.

(5) Despite the repeal of the enactments in subsection (1), any borrowing, lending or guarantee issued by Government or any other transaction entered into for and on behalf of the Government under any of the repealed enactments or Regulations made under the repealed enactment shall

(a) be considered to have been done under this Act; and

(b) continue in force in accordance with the terms of the transaction until maturity or expiry.

(6) Despite the repeal of the enactments in subsections (2) and (3), a report or a statement submitted under section 16 (8) of the Internal Audit Agency Act, 2003 (Act 658) or section 30 of the Audit Service Act, 2000 (Act 584) shall be considered to have been submitted under this Act.