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State guarantee of temporary borrowings and transport stock.
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30.—(1) (a) The Minister for Finance may guarantee, in such manner and form and on such terms and conditions as he thinks fit, the due repayment by the Board of any moneys borrowed by the Board under subsection (1) of section 28.
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(b) The Minister for Finance shall not so exercise the powers conferred on him by this subsection that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under this subsection for the time being in force, together with the amount of principal (if any) which the said Minister has previously paid on foot of any guarantee under this subsection and has not been repaid by the Board, exceeds five hundred thousand pounds.
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(2) The Minister for Finance shall, in respect of substituted transport stock or in respect of any other transport 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 transport stock, of the principal and interest secured by such transport stock.
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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 advances 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 advances out of the Central Fund or the growing produce thereof for the purpose 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 Board within twelve months from the date of the advance.
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(7) Where the whole or any part of the advances out of the Central Fund or the growing produce thereof for the purpose mentioned in subsection (3) of this section has not been repaid by the Board 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 Board 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, and such repayment shall be made by the Board at such times and in such instalments as the Minister for Finance may appoint.
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