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State Guarantees Act, 1954

Guarantee in respect of moneys borrowed by scheduled body.

2.—(1) The Minister may guarantee, in such form and manner and on such terms and conditions as he thinks fit, the due repayment by a scheduled body of the principal of any moneys borrowed, with the consent of the Minister, by the body or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest.

(2) A guarantee given by the Minister before the commencement of this Act for a scheduled body shall be deemed for the purposes of this Act to have been given under subsection (1) of this section.