LOANS ACT - 1970 (ACT 335)

    Section - 10 - Guarantees of Loans by Government.

    (1) Subject to the provisions of this section, the Government may, subject to the provisions of this Act guarantee loans on such terms and conditions as may be agreed by the parties to the agreement providing for the guarantee including (if any) the requirement of the payment of a commission for affording the guarantee.

    (2) Any such agreement may be signed on behalf of the Government by the Minister or by any other person designated in writing by the Minister.

    (3) No agreement providing for a guarantee by the Government of any loan shall come into operation unless the terms and conditions of the agreement have been laid before the National Assembly and approved by the Assembly by resolution.

    (4) Where any money falls to be paid by the Government in satisfaction of any obligation guaranteed by the Government that money shall be deemed to be charged on the Consolidated Fund.