Air Navigation and Transport Act, 1961
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Payment of interest on repayable advances. |
5.—(1) The Company shall pay to the Minister for Finance on every sum advanced to the Company out of the Central Fund under section 3 of this Act interest from the date of the advance of the sum until the sum is repaid at such rate as shall from time to time be appointed by the Minister for Finance in respect of the sum, and the interest shall be paid by half-yearly payments on such days in every year as the Minister for Finance shall from time to time appoint. | |
(2) If the Company fails to pay to the Minister for Finance any interest payable by it under this section at the time appointed in that behalf under this section, the Company shall pay to the Minister for Finance interest at the rate appointed by the said Minister on the interest so unpaid from the time appointed as aforesaid until the unpaid interest is paid. | ||
(3) All interest paid to the Minister for Finance by the Company under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct. |