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LOANS GUARANTEE AND BORROWING REGULATION ACT (NORTHERN IRELAND) 1946 - SECT 1

1.(1) The Ministry of Finance (in this Act referred to as "the Ministry"),
may, if satisfied that it is expedient in the public interest so to do for the
purpose of facilitating the reconstruction or development of an industry or
part of an industry in Northern Ireland, guarantee any loan:

Provided that the aggregate capital amount of the loans in respect of which
guarantees are issued in any one financial year under this section (excluding
any part of that amount which is guaranteed neither as to principal nor as to
interest) shall not exceed two million five hundred thousand pounds.

(2) Any guarantee given under this section may be given in such form and
manner and on such terms and subject to such conditions as the Ministry thinks
fit.

(3) Any moneys required for fulfilling a guarantee given under this section
shall be charged on and issued out of the Consolidated Fund and any moneys
paid in or towards repayment of any sum issued out of the Consolidated Fund
under this section shall be paid into the Exchequer.

(4) For the purpose of providing any sums issued out of the Consolidated Fund
under the preceding sub-section, the Ministry may, if it thinks fit, borrow
any sum ....

[(5) The Ministry shall include with the Finance Accounts presented to
Parliament under sub-section (2) of section ten of the Exchequer and Financial
Provisions Act (Northern Ireland), 1950

(a)a statement of the total amount of the guarantees, if any, given under
sub-section (1) of this section during the then last preceding financial year;

(b)an account up to the end of that financial year of the total sums, if any,
which under sub-section (3) of this section have been

(i)issued out of the Consolidated Fund;

(ii)paid to the Exchequer in or towards repayment of any sums so issued.]

(6) In this section, references to the guaranteeing of a loan shall be
construed as references to guaranteeing, whether wholly or in part and whether
solely or jointly with other guarantors, the payment either of the interest,
or of both the interest and the principal, of the loan, and the expression
"guaranteed" shall be construed accordingly, and references to an industry
shall be construed as including references to any undertaking for the time
being engaged in the provision of any description of supplies or services.

© 1946 Crown Copyright

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