Trade Loans (Guarantee) Act, 1924

Minister for Industry and Commerce may guarantee certain loans.

1.—(1) If the Minister for Industry and Commerce, after consultation with an advisory committee nominated by him in conjunction with the Minister for Finance for the purposes of this section, is satisfied that the proceeds of any loan proposed to be raised, whether within or outside Saorstát Eireann, by any public authority or by any corporation or any other body of persons corporate or unincorporate, are to be applied towards or in connection with the carrying out of any capital undertaking, or in connection with the purchase of articles manufactured or produced in Saorstát Eireann required for the purposes of any such undertaking, and that the application of the loan in the manner proposed is calculated to promote employment in Saorstát Eireann, the Minister for Industry and Commerce may guarantee in such manner and form and on such terms and conditions as he shall think proper, subject to the limitations hereinafter imposed, and subject to the sanction of the Minister for Finance, the repayment of the principal of such loan and the payment of the interest thereon or the repayment of such principal or the payment of such interest.

(2) The aggregate capital amount of the loans in respect of which guarantees may be given (whether as to principal and interest or as to principal only or as to interest only) under this section shall not exceed the sum of seven hundred and fifty thousand pounds.

(3) No guarantee shall be given under this section after the expiration of twelve months from the passing of this Act.

(4) No guarantee shall be given under this section in respect of a loan the proceeds or any part of the proceeds of which are intended to be used as working capital.