Industrial Development Act, 1969

Guarantee by Authority of loans.

37.—(1) The Authority may guarantee the due repayment of the whole or part of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed in respect of fixed assets of an industrial undertaking or the payment of interest on such moneys or both the repayment of the principal and the payment of such interest, if (in each such case) the undertaking conforms to the requirements of sections 33 (3) and 34 (3) of this Act.

(2) Whenever a loan is guaranteed under this section, the guarantee shall be in such form and manner and on such terms and conditions as may be specified in a scheme governing the giving of such guarantees sanctioned by the Minister with the concurrence of the Minister for Finance.

(3) Moneys required by the Authority to meet sums which may become payable by the Authority under a guarantee shall be paid out of funds at the disposal of the Authority and shall not be reckoned in the calculation of the maximum grants payable to the undertaking concerned for the purposes of sections 33 (2) and 34 (2) of this section.

(4) In relation to a guarantee under this section in a currency other than the currency of the State, the reference to moneys in subsection (3) of this section shall be taken as referring to the cost in the currency of the State of the actual moneys payable by the Authority.