State Guarantees Act, 1954

Repayment of moneys paid under guarantee.

6.—(1) Moneys paid by the Minister under a guarantee for a scheduled body shall be repaid to the Minister (with interest thereon at such rates as the Minister appoints) by the body within twelve months from the date of the advance.

(2) Where the whole or any part of moneys advanced under section 5 of this Act has not been repaid to the Minister in accordance with subsection (1) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(3) Notwithstanding the provision of moneys under subsection (2) of this section to repay an amount to the Central Fund, the scheduled body concerned shall remain liable to the Minister in respect of that amount and that amount (with interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by the scheduled body at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

(4) Moneys repaid by a scheduled body to the Minister, or recovered from a scheduled body by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.