Industrial Credit (Amendment) Act, 1977

Amendment of section 3 of Industrial Credit (Amendment) Act, 1958.

3.Section 3 of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the substitution in subsection (10) (inserted by the Act of 1971) of the following paragraph for paragraph (a):

“(a) the references to principal in subsection (3) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being the amount in the currency of the State of the actual principal calculated at the rate of exchange in operation at the time of the giving of the guarantee,”.