Trade Loans (Guarantee) Act, 1939

Payment of certain sums into the Exchequer.

10.—(1) All sums received in repayment of money advanced out of the Central Fund under this Act shall be paid into the Exchequer.

(2) All sums received in payment of interest on a loan granted under this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

(3) Where an advance is made out of the Central Fund after the passing of this Act on foot of a guarantee given by the Minister under the Trade Loans (Guarantee) Acts, 1924 to 1934, or an advance is made out of the Central Fund on foot of a guarantee given by the Minister under this Act and (in either case) the whole or any part of the advance remains outstanding after the expiration of two years from the date on which the advance was made, the amount so remaining outstanding shall, at such time as the Minister for Finance shall direct, be repaid out of moneys provided by the Oireachtas.

(4) Where the repayment of the principal of a loan granted by the Minister under this Act or the payment of any interest on any such loan is in default for not less than two years, there shall, at such time as the Minister for Finance shall direct, be paid out of moneys provided by the Oireachtas the amount of such loan outstanding at that time together with the amount of the interest on such loan which is at the said time unpaid.

(5) The payment under the next preceding sub-section of this section of the principal or any part of the principal of a loan or of any interest on a loan shall not prejudice or affect the liability of the person to whom such loan was granted to repay such principal and to pay such interest.