State Guarantees (Amendment) Act, 1964
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Amendment of sections 3, 5 and 6 of Principal Act. |
3.—(1) In relation to a guarantee, by virtue of the amendment effected by section 2 of this Act, in moneys in a currency other than the currency of the State— | |
(a) each of the references to principal in section 3 of the Principal Act shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee, | ||
(b) each of the references to moneys in section 5 and subsection (1) of section 6 of the Principal Act shall be taken as referring to the cost in currency of the State of the actual moneys. | ||
(2) Where— | ||
(a) the equivalent in currency of the State of other currency is being calculated pursuant to paragraph (a) of the foregoing subsection, and | ||
(b) the currencies having, at the time specified in that paragraph, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency, | ||
the reference in that paragraph to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values. |