Minerals Exploration and Development Company Act, 1941

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Payment of interest on advances to the Company.

11.—(1) The Company shall pay to the Minister on every sum advanced to the Company under this Act interest from the date of the advance of such sum until it is repaid, at such rate as shall from, time to time be appointed by the Minister for Finance in respect of such sum, and such interest shall be so paid by half-yearly payments on such days in every year as the Minister for Finance shall from time to time appoint.

(2) It shall be lawful for the Minister at any time, with the consent of the Minister for Finance, to waive altogether or to postpone for such time as he thinks proper the payment of any particular half-yearly payment of interest payable by the Company under this section.

(3) If the Company fails (otherwise than by virtue of a waiver under the next preceding sub-section of this section) to pay any half-yearly payment of interest payable by the Company under this section, the Company shall (whether such failure was or was not due to a postponement under the said next preceding sub-section) pay to the Minister interest at the rate appointed by the Minister for Finance on such half-yearly payment of interest until the sum is actually paid.

(4) All interest paid by the Company to the Minister under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.