LOANS ACT - 1970 (ACT 335)

    Section - 16 - Prescribed Body to repay Government sums paid under Guarantee.

    (1) If any sum is paid out of the Consolidated Fund in respect of any liability incurred by the Bank under a guarantee or other undertaking given under section 13 of this Act in respect of any loan raised by a prescribed body, that body shall repay such sum together with interest and other charges thereon at the same rate if any, as are payable on the loan under the agreement relating to the loan into the Consolidated Fund in such manner and at such time or by such instalments as the Minister may direct.

    (2) If any sum is so paid out of the Consolidated Fund the Minister shall as soon as possible after the end of each financial year beginning with the financial year in which the sum was paid and ending with that in which all liabilities in respect of that sum and any interest payable thereon is finally discharged by the prescribed body concerned, lay before the National Assembly a statement relating to that sum.