Pigs and Bacon (Amendment) Act, 1961

Guarantee of loans.

29.—(1) The Minister may, if he so thinks fit and with the consent of the Minister for Finance, guarantee a loan to the Commission.

(2) Whenever the Minister guarantees a loan under this section, he may guarantee in such form and manner and on such terms and conditions as the Minister for Finance may sanction, the due repayment by the Commission of the principal of the loan or the payment of interest on the loan or both the repayment of such principal and the payment of such interest.

(3) The Minister shall not so exercise the powers conferred by subsections (1) and (2) 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 those subsections for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Commission, exceeds £500,000.

(4) Where a guarantee under this section is or has been given, the Commission shall, if the Minister so requires, give to him such security 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.

(5) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force at, the commencement of that year—

(a) particulars of the guarantee,

(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,

(c) the amount of principal covered by the guarantee which was outstanding at the end of that year.

(6) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister (with, if the Minister for Finance so requires, interest thereon at such rates as the Minister for Finance appoints) by the Commission within two years from the date of the advance of the moneys under subsection 10 of this section.

(7) Where the whole or any part of moneys required by subsection (6) of this section to be repaid to the Minister has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(8) Notwithstanding the provision of moneys under subsection (7) of this section to repay an amount to the Central Fund, the Commission shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister for Finance so requires, interest thereon at such rates as the Minister for Finance appoints) shall be repaid to the Minister by the Commission at such times and in such instalments as the Minister for Finance appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.

(9) Moneys repaid by the Commission to the Minister, or recovered from the Commission by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.

(10) All moneys from time to time required by the Minister to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.

(11) For the purpose of providing 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 he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(12) The principal of and interest on any securities issued 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.