Borrowing Powers of Certain Bodies Act, 1996


6.—Where the Minister, or any other Minister of the Government, is empowered by statute to guarantee either or both the due repayment of the principal of, and any interest on, any money raised or borrowed by a body, then—

(a) such power to guarantee shall be deemed to extend, and to have always extended, to the power to guarantee the due repayment of all moneys becoming due by such body under, or in connection with, any of the transactions provided for in section 3 and the due performance and discharge by such body of all its obligations under any such transaction, and

(b) the obligations, entitlements and rights of the Minister, any other Minister of the Government or any body provided for by statute in respect of such a guarantee shall also apply in respect of any guarantees given by virtue of paragraph (a) and all references in any such statute to the amount of moneys guaranteed, payable or repayable, shall, in respect of any transactions undertaken by virtue of section 3 , be construed in accordance with the provisions of this Act.