Export Promotion (Amendment) Act, 1963
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Guarantee by Minister against certain losses by Board. |
4.—(1) (a) Whenever the Board acquires a leasehold interest in any premises under section 3 of this Act, the Minister may, if he so thinks fit, with the consent of the Minister for Finance, guarantee, in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the Board against any loss arising out of the disposal by the Board of an estate or interest in any portion of the premises (being a portion which, at the time of the acquisition of the premises by the Board, was not required by it for the exercise of its powers or the performance of its functions and duties) or out of the failure by the Board to dispose of an estate or interest in such a portion of the premises. | |
(b) A guarantee shall not be given under this section in relation to any premises unless the consent of the Minister to the acquisition of the premises was given with the concurrence of the Minister for Finance. | ||
(2) The Minister shall not so exercise the power conferred by subsection (1) of this section that the amount or the aggregate amount which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Board, exceeds five hundred thousand pounds. | ||
(3) Where a guarantee under this section is or has been given, the Board shall, if the Minister so requires, give to him such security as may be specified in the requisition for the purpose of securing to the Minister the repayment of any moneys which he may be liable to pay or has paid under the guarantee. | ||
(4) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee given under this section during that year or given at any time before, and in force at, the commencement of that year— | ||
(a) particulars of the guarantee, | ||
(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment, | ||
(c) the amount remaining covered by the guarantee at the end of that year. | ||
(5) Moneys required to be paid by the Minister under a guarantee under this section shall be advanced out of the Central Fund or the growing produce thereof. | ||
(6) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister (with interest thereon at such rates as the Minister for Finance appoints) by the Board within two years from the date of the advance. | ||
(7) Where the whole or any part of moneys advanced under subsection (5) of this section has not been repaid to the Minister in accordance with subsection (6) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(8) Notwithstanding the provision of moneys under subsection (7) of this section to repay an amount to the Central Fund, the Board shall remain liable to the Minister in respect of that amount and that amount (with interest thereon at such rates as the Minister for Finance appoints) shall be repaid to the Minister by the Board at such times and in such instalments as the Minister for Finance 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. | ||
(9) All moneys repaid by the Board to the Minister or recovered from the Board by the Minister under this section shall be paid into or disposed of for the benefit of the Exchequer. |