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Guarantee of loans under Part III of Act of 1952 in currency other than currency of the State.
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3.—(1) Section 17 of the Act of 1952 is hereby amended by the insertion in subsection (2) after “in such form and manner” of “and in such moneys (including moneys in a currency other than the currency of the State)”.
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(2) In relation to a guarantee under Part III of the Act of 1952 by virtue of the amendment effected by subsection (1) of this section, in moneys in a currency other than the currency of the State, each of the references to principal in subsection (1) of section 18 of the Act of 1952 shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee.
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(3) Where—
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(a) (the equivalent in currency of the State of other currency is being calculated pursuant to subsection (2) of this section, and
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(b) the currencies having, at the time specified in that subsection, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency,
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the reference in that subsection to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.
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