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Guarantee by the Minister for Agriculture of the Corporation against losses.
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4.—(1) The Minister for Agriculture may, with the consent of the Minister—
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(a) guarantee the Corporation, in such form and manner and on such terms and conditions as he may specify with the consent of the Minister, the due repayment of the principal of any moneys paid by the Corporation on foot of loans, advances, guarantees to persons in relation to the payment of moneys by other persons or other credit facilities (including hire-purchase facilities) given, provided or arranged by the Corporation or in respect of which it undertakes any commitments or the payment of interest on such principal or both the repayment of the principal and the payment of the interest, and
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(b) recoup the Corporation, on foot of a guarantee under this section, on such terms and conditions as he may specify with the consent of the Minister, in respect of any losses incurred by the Corporation in relation to such loans, advances, guarantees or other credit facilities.
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(2) The Minister for Agriculture shall not so exercise the powers conferred by subsection (1) 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 that subsection for the time being in force exceeds five million pounds.
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(3) Moneys paid by the Minister for Agriculture under a guarantee under this section shall be paid out of moneys provided by the Oireachtas.
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(4) Where the whole or any part of the moneys paid by the Minister for Agriculture on foot of a guarantee under this section is subsequently recovered by the Corporation, the amount recovered shall be repaid by the Corporation to the Minister for Agriculture and disposed of for the benefit of the Exchequer in such manner as the Minister may direct.
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