Sugar Manufacture (Amendment) Act, 1973
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Amendment of section 5 of Act of 1962. |
7.—Section 5 of the Act of 1962 is hereby amended— | |
(a) by the insertion after “a loan” in subsection (1) (a) of “(including a loan in a currency other than the currency of the State)”, | ||
(b) by the insertion after “such interest” in subsection (2) of “and any such guarantee may include guarantee of payment of incidental expenses arising in connection with the loan”, | ||
and | ||
(c) by the insertion after subsection (7) of the following: | ||
“(8) In relation to guarantees given by the Minister for Finance in money in a currency other than the currency of the State— | ||
(i) each of the references to principal and each of the references to interest in subsection (2) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal and the actual interest, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal or the actual interest, as may be appropriate, | ||
(ii) each of the references to principal in subsection (4) of this section and in paragraph (b) of section 7 of this Act 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 for the time being for that currency and the currency of the State, | ||
(iii) each of the references to moneys in subsection (3) and in subsections (5) to (7) of this section and in subsection (1) of section 6 of this Act shall be taken as referring to the cost in currency of the State of the actual moneys.”. |