Trade Loans (Guarantee) Act, 1924

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Minister for Industry and Commerce may grant or guarantee certain other loans.

2.—(1) If the Minister for Industry and Commerce, after consultation with an advisory committee nominated by him in conjunction with the Minister for Finance for the purposes of this section, is satisfied that any loan proposed to be raised by any public authority or any association (corporate or unincorporate) of producers, or of consumers, or of producers and consumers is calculated to promote a reduction in the retail prices in Saorstát Eireann of essential commodities, the Minister for Industry and Commerce may, either—

(a) grant the loan upon such terms and conditions as to time and manner of repayment, rate of interest, security, and other matters whatsoever as he shall think proper, or

(b) guarantee in such manner and on such terms and conditions as he shall think proper the repayment of the principal of such loan and the payment of the interest thereon or the repayment of such principal or the payment of such interest,

subject to the limitations imposed by this section and subject to the sanction of the Minister for Finance.

(2) The aggregate capital amount of the loans granted under this section shall not exceed the sum of fifty thousand pounds, and the total aggregate capital amount of loans granted under this section and of loans in respect of which guarantees are given (whether as to principal and interest or as to principal only or as to interest only) under this section shall not exceed the sum of two hundred and fifty thousand pounds.

(3) No loan shall be granted or guarantee given under this section after the expiration of twelve months from the passing of this Act.