Minerals Exploration and Development Company Act, 1941

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Repayment of advances to the Company.

12.—(1) All sums advanced to the Company under this Act shall be repaid by the Company to the Minister by half-yearly instalments of such amounts and beginning on such date and continuing for such number of years and payable at such times as the Minister for Finance, after consultation with the Minister, shall appoint, and different such amounts, dates, numbers of years, and times may be so appointed in respect of different sums so advanced.

(2) The several half-yearly instalments payable by the Company to the Minister under this section in respect of any particular sum advanced to the Company under this Act shall be applied as a sinking fund for the repayment of that sum.

(3) 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 instalment payable by the Company under this section.

(4) 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 instalment 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 instalment until the same is actually paid.

(5) Every half-yearly instalment and all (if any) 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.