Securitisation (Proceeds of Certain Mortgages) Act, 1995

Indemnity, etc. to designated body by Minister.

7.—(1) The Minister shall indemnify, guarantee and pay to a designated body, on such terms as the Minister considers appropriate, such amount or amounts as are necessary to ensure that the obligations of a housing authority in connection with an equitable assignment by it under section 3 are met and continue to be met.

(2) Any payment by the Minister under this section shall be a charge on the Central Fund or the growing produce thereof.