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LIVESTOCK MARKETING COMMISSION ACT (NORTHERN IRELAND) 1967 - SECT 8

Borrowing by the Commission.

8.(1) The Commission may with the consent of the Ministry of Agriculture
borrow such sums as they consider necessary for the purpose of discharging
their functions under this Act.

(2) The Ministry of Finance may, on the recommendation of the Ministry,
guarantee in such manner as the Ministry of Finance thinks fit, the payment of
the interest on and the principal of, or of the interest on or the principal
of, any sums which the Commission borrow under subsection (1).

(3) Any sum borrowed by the Commission under subsection (1) in respect of
which a guarantee is given by the Ministry of Finance under subsection (2)
shall be repaid by the Commission within two years from the date on which the
sum is borrowed, unless the Ministry of Finance on the recommendation of
the Ministry authorises any outstanding balance of the sum borrowed to remain
unpaid for a further period of two years.

(4) Two or more authorisations may be given successively under subsection (3)
in respect of the same loan.

(5) Any sums required by the Ministry of Finance for fulfilling any guarantee
under this section shall be charged on and issued out of the Consolidated
Fund.

© 1967 Crown Copyright

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