State Guarantees Act, 1954

Security for repayment of moneys paid under guarantee.

4.—Where a guarantee has been given for a scheduled body, the body shall, if the Minister so requires, give to him such security (including, if the body is a company, debentures) 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.