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State guarantee of debenture stock.
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18.—(1) The Minister for Finance shall, in respect of substituted debenture stock or in respect of any other debenture stock proposed to be created and issued, guarantee in such manner and in such form as he thinks proper, the due payment, in accordance with the terms of such debenture stock, of the principal moneys and, subject to subsection (2) of this section, interest secured by such debenture stock.
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(2) Where debenture stock bearing a rate of interest exceeding three per cent. per annum is created and issued, the Minister for Finance shall guarantee the due payment of interest thereon to the extent of three per cent. per annum only.
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(3) All moneys from time to time required by the Minister for Finance to meet sums which may become payable under any guarantee given by him under this section shall be advanced out of the Central Fund or the growing produce thereof.
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(4) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.
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(5) The principal of and interest on any securities issued by the Minister for Finance under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
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(6) Any sums advanced out of the Central Fund or the growing produce thereof for the purposes mentioned in subsection (3) of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Company within twelve months from the date of the advance.
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(7) Where the whole or any part of the sums advanced out of the Central Fund or the growing produce thereof for the purposes mentioned in subsection (3) of this section has not been repaid by the Company to the Central Fund 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.
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(8) The provision of moneys by the Oireachtas under subsection (7) of this section shall not exempt the Company from the liability to repay to the Central Fund, with interest thereon at the rate appointed by the Minister for Finance, the full amount of any advance made under subsection (3) of this section, but such repayment shall be made by the Company at such times and in such instalments as the Minister for Finance may appoint.
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(9) The Minister for Finance shall, as soon as may be after the 31st day of March, 1945, lay before each House of the Oireachtas a statement, in such form as he thinks proper, setting out, as respects each guarantee given by him under this section during the period commencing on the establishment date and ending on the 31st day of March, 1945—
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(a) particulars of the debenture stock so guaranteed,
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(b) in case any sum has been paid by him under such guarantee before the 1st day of April, 1945—
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(i) the amount thereof,
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(ii) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment,
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(c) the amount which the said Minister would, if such guarantee were enforced on the 1st day of April, 1945, be liable to pay as principal thereunder.
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(10) The Minister for Finance shall, as soon as may be after the expiration of each financial year, ending on or after the 31st day of March, 1946, lay before each House of the Oireachtas a statement, in such form as he thinks proper, setting out—
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(a) as respects each guarantee given by him under this section during such financial year—
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(i) particulars of the debenture stock so guaranteed,
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(ii) in case any sum has been paid by him under such guarantee before the end of such financial year—
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(I) the amount thereof,
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(II) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment
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(iii) the amount which the said Minister would, if such guarantee were enforced immediately upon the expiration of such financial year, be liable to pay as principal thereunder,
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(b) as respects each guarantee given by him under this section before, and in force at, the commencement of such financial year—
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(i) particulars of the debenture stock so guaranteed,
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(ii) in case any sum has been paid by him under such guarantee, before the end of such financial year—
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(I) the amount thereof,
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(II) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment,
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(iii) the amount which the said Minister would, if such guarantee were enforced immediately upon the expiration of such financial year, be liable to repay as principal thereunder.
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