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Guarantee of loans to Society.
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6.—(1) The Minister may, if he so thinks fit and with the consent of the Minister for Finance, guarantee a loan to the Society.
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(2) Whenever 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 due repayment by the Society of the principal of the loan or the payment of interest on the loan or both the repayment of such principal and the payment of such interest.
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(3) The Minister shall not so exercise the powers conferred by subsections (1) and (2) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under these subsections for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Society exceeds £20,000,000.
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(4) Where the Minister guarantees a loan under this section, there shall be paid to the Minister by the Society in respect of the guarantee such fee (if any) as the Minister with the concurrence of the Minister for Finance determines.
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(5) Moneys obtained by the Society on foot of a loan guaranteed under this section shall be used solely by the Society for the acquisition in the course of its ordinary business of dairy produce.
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(6) Where a guarantee under this section is or has been given, the Society shall, if the Minister with the concurrence of the Minister for Finance so requires, give to him such security, including any or all of the specified assets, 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.
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(7) 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 under this section given during that year or given at any time before, and in force at, the commencement of that year—
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(a) particulars of the guarantee,
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(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,
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(c) the amount of principal covered by the guarantee which was outstanding at the end of that year.
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(8) Every guarantee under this section shall, unless it is sooner revoked or extinguished, expire on the 31st day of December, 1977.
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(9) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister (with, if the Minister for Finance so requires, interest thereon at such rates as the Minister for Finance appoints) by the Society 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.
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(10) Moneys repaid by the Society to the Minister, or recovered from the Society by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.
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(11) All moneys from time to time required by the Minister to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.
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