882.0044/1

Joint Resolution Passed by the Liberian Legislature February 16, 1926, Supplementary to the Joint Resolution of January 28, 1926, Approving the Loan Agreement Between the Government of Liberia and the Finance Corporation of America 22

It is resolved by the Senate and House of Representatives of the Republic of Liberia in Legislature assembled:

  • Section 1. That the Agreement concluded between the Government of the Republic of Liberia and the Finance Corporation of America, as of January 1, 1926, approved subject to certain modifications by Joint Resolution of the Legislature of the Republic of Liberia on January 28, 1926,23 be fully entered into and consummated by the President of the Republic of Liberia in accordance with the following supplemental authority, instructions and interpretations, it being considered necessary and desirable to bring about the operation of the Agreement at the earliest possible date.
    (a)
    Article 9, shall be modified as follows, referring to the original draft: In the first paragraph, strike out the last sentence which reads: “The officers shall at all times be subject to removal by the President of Liberia at the request of the Financial Adviser”; and substitute therefor the following: “These officers shall hold their appointment during good behaviour but shall be subject to removal [Page 525] by the President of Liberia for cause, or upon the withdrawal by the Financial Adviser, for sufficient cause stated, of his recommendation of such officer or officers.”
    (b)
    The second paragraph of Article 9, which reads: “The Auditor and Assistant Auditor shall be appointed by Agreement between the Government and the Fiscal Agent,” shall have added thereto the following: “and the Liberian Assistant Auditor shall be appointed by the President of the Republic of Liberia to serve during his pleasure.”
    (c)
    Article 9, paragraph 3, shall have the last phrase at the bottom of page 9, of the original draft stricken out that is the words “with the exception only of the Financial Adviser.” Continue as in original draft to and [end] of par. 1, page 10.
    (d)
    Article 9, paragraph 2, on page 10 of the original draft, shall be stricken out.
    (e)
    Article 9, paragraph 3, on page 10 of the original draft, shall be changed to read: “An official who shall be designated Supervisor of Customs.”
    (f)
    Article 9, paragraph 4, on page 10 of the original draft, shall be changed to read: “An official who shall be designated Supervisor of Internal Revenue.”
    (g)
    Article 9, paragraph 5, on page 10 of the original draft shall be changed to read: “A bonded Auditor appointed by Agreement between the President of the Republic of Liberia and the Fiscal Agent.”
    (h)
    Article 9, paragraph 6, on page 10 of the original draft shall be changed to read: “A bonded Assistant Auditor to be appointed by agreement between the President of the Republic of Liberia and the Fiscal Agent.”
    (i)
    There shall be inserted after the foregoing paragraph an additional paragraph which shall read: “A bonded Assistant Auditor who shall be appointed by the President of Liberia.”
    (j)
    Article 9, referring to the last paragraph on page 10, of the original draft, on line 10, shall be changed to read in place of $40,000 $32,000.”
    (k)
    Article 9, referring to the last paragraph on page 10 of the original, shall have added to said paragraph: “In the absence or during disability of the bonded Auditor, the Assistant bonded Auditor appointed by agreement between the President of the Republic of Liberia and the Fiscal Agent shall act in his place and stead, and he shall be assisted by the Assistant bonded Auditor appointed solely by the President of Liberia. The salary of the Assistant bonded Auditor appointed solely by the President of Liberia is not incorporated in the above amendments but is to be determined by the Budget appropriation as made from time to time.
    (l)
    Article 9, first paragraph on top of page 11 of the original draft shall have added to said first paragraph, on line 6, to follow the word: “Government”, the following: “should the quarters furnished not be desired, commutation in lieu thereof will be given for the actual expense of the quarters not to exceed the sum of $800.00 annually.” Beginning with the words: “shall be furnished suitable medical care” continue as in the original draft to the end of the paragraph.
    (m)
    Article 9, the last paragraph of said Article, on page 11, shall be changed to read: “The financial Adviser and the officers appointed by virtue of the provisions of this agreement shall be entitled to receive reasonable leaves of absence cumulative over not more than two years at full pay.”
    (n)
    Article 10, paragraph 1, on page 11, of the original draft, modified in the Joint Resolution of January 28, 1926, omitted the last five words of said paragraph by error; the original wording of Article 10, paragraph 1, page 11 of the original draft is to be understood therefor.
    (o)
    Article 10, paragraph[s] 3, 4, 5, as modified, are intended to be understood to indicate the desire of the Republic to pay off the external and Internal funded and floating indebtedness of the Republic during the present calendar year should it be found possible to arrange this payment within that period.
    (p)
    Article 10, referring to the last paragraph of this Article, on page 12 of the original draft, it is intended that this last paragraph is approved and is to be inserted at the end of Article 10 as modified.
    (q)
    Article 12, paragraph 1, of the original draft, has been changed in the modification to provide that administrative orders or regulations to be issued at the request of the Financial Adviser shall be approved by the President of the Republic of Liberia, it being intended that such approval of the President should be first given to insure that the provisions contained in said administrative rules or regulations, would not be contrary to law or against public policy.
    (r)
    Article 12, paragraph 6, on page 17 of the original draft, was modified to include the constitutional provision that the President of the Republic must sign all warrants of payments. This paragraph is now further modified by the following addition on line 15, as written in the original draft after the words “payee specified”, viz: “The Auditor shall only refuse his approval of an order of transfer in case of:—
    (a)
    Non-appropriation,
    (b)
    Over expenditure of appropriation,
    (c)
    Incorrectness of account to be paid,
    (d)
    Lack of approval by proper official or officials.
    after the foregoing addition and beginning with the words “No payments shall be” continue as modified to the end of the paragraph.
    (s)
    Article 12, paragraph 8, on page 18 of the original draft shall have inserted the following provisions after the word “expenditures”, second line from the bottom of the page viz: “The Financial Adviser may only refuse to approve the Budget when and if the disbursements which should be included therein as provided in this Agreement or by obligation of laws have not been properly included, or when and if the budget submitted by the Secretary of the Treasury exceeds the estimates of the revenues.” Continue to bottom of page as in the original draft; and on page 19, second line, after the word: “Liberia” insert: “for any of the reasons above stated and defined,” continue as in the original draft to the end of said Article.
    (t)
    Article 19, paragraph 2, as modified, is hereby cancelled, and the Agreement shall read in accordance with the provisions of the original draft on page 25, with the following addition to be inserted on line 8, of said paragraph, after the words: “approved by the Auditor”, viz:—“in accordance with the provisions of Article 12, paragraph 6,” as modified. Beginning with the words “and Countersigned” continue to the end of said paragraph as in the original draft.
    (u)
    Article 20, Clause (a) on page 28 of the original draft, was modified for the purpose of having this clause re-written in order that the Government’s interest may be equally protected with the Fiscal Agent’s interest. The President is authorized to conclude an Agreement with the Finance Corporation of America on this point which will satisfactorily provide for the protection of the Government’s interests as well as those of the Fiscal Agent, and incorporate said arrangement in the Agreement in lieu of the modified clause.
    (v)
    Article 22, as modified, shall be stricken out, and in place thereof, Article 22 shall be re-written in accordance with page 29 of the original draft, provided however that after the words: “reasonable care” third line from the bottom of the page, there shall be inserted the following words: “in which case”, and continue to the end of said paragraph in accordance with the original draft.
    (w)
    Referring to the form of the Bond on page 34 of the original draft, line 3, from the bottom of said page, strike out the following words: “in time of war as well as of peace, whether holder of the Bond is a citizen of a friendly or hostile State”, and
    On page 36, the 5th line strike out the words: “the Republic” and insert in place thereof: “the Government of the Republic of Liberia”.
  • Section 2. The President is hereby fully authorized and empowered to consummate and place in effect the final Agreement in accordance with the authority and instructions contained in the Joint Resolution approving the Loan Agreement between the Government [Page 528] of the Republic of Liberia and The Finance Corporation of America as modified, approved January 28, 1926 and in accordance with the further directions, authority, and instructions contained in this Resolution.

Any law to the contrary notwithstanding.

  1. Printed from Acts Passed by the Legislature of the Republic of Liberia During the Session 1925–1926, ch. x, p. 20.
  2. Ante, p. 507.