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Power of the Minister to grant or guarantee loans to reduce retail prices.
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3.—(1) This section applies only to loans proposed to be raised, whether in or outside Ireland, by a public authority or by an association (whether corporate or unincorporate) of producers or of consumers or of both producers and consumers.
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(2) Where an application is duly made under this Act for the guarantee or the grant of a loan to which this section applies, and the Minister, after consultation with the appropriate advisory committee in accordance with this Act, is satisfied that such loan is calculated to promote a reduction in the retail prices of essential commodities, the Minister, if he so thinks proper, may, with the sanction of the Minister for Finance and subject to the provisions of this Act, either, as shall have been specified in the application—
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(a) guarantee in such manner and on such terms and conditions as he shall, with the sanction aforesaid, think proper either the repayment of the principal of such loan or the payment of the interest thereon, or both the repayment of such principal and the payment of such interest, or
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(b) 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, with the sanction aforesaid, think proper.
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