Tourist Traffic Act, 1952

PART III.

Guarantee of Loans.

Guarantee of loans; and grants for interest charges.

17.—(1) Where—

(a) an application is duly made by any person for the guarantee of a loan, and

(b) the purpose for which the loan is required is either—

(i) the construction, extension, modernisation or improvement of holiday accommodation, or

(ii) the provision of amenities and services (other than holiday accommodation) at tourist resorts and the development of tourist traffic at or to such resorts by a body corporate having that object—

the Minister may, if the Board so recommends and with the concurrence of the Minister for Finance, guarantee the loan.

(2) Wherever the Minister guarantees a loan under this section, he may guarantee in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the repayment of the principal or the payment of interest on the loan or both the repayment of such principal and the payment of such interest.

(3) Wherever the Minister guarantees a loan under this section he may, with the concurrence of the Minister for Finance, authorise the Board to make grants towards the payment of interest on the loan on such terms and conditions as the Minister for Finance may sanction.