Sea Fisheries (Amendment) Act, 1963

Waiver of repayment by the Board of advances.

2.—Where any sum has, whether before or after the passing of this Act, been advanced under section 18 of the Principal Act, the following provisions shall, notwithstanding anything contained in that Act, have effect:

(a) the Minister for Finance may, at any time, on the recommendation of the Minister, waive the repayment by the Board of the whole or part of—

(i) such sum, or

(ii) the balance thereof remaining unrepaid;

(b) thereupon—

(i) the amount repayment of which has been waived shall cease to be repayable by the Board,

(ii) interest which, apart from this subparagraph, would after the day of the waiver, have become payable by the Board on such amount shall not be payable.