|
|
Amendment of section 6 of Principal Act.
|
4.—(1) The following subsections are hereby substituted for sections 6 (2) and 6 (5) of the Principal Act:
|
|
| |
“(2) Whenever the Minister guarantees a loan under this section, he may guarantee in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as the Minister for
|
|
| |
Finance may sanction, the due repayment by the Society of the principal of the loan or the payment of interest on the loan, or both the repayment of such principal and the payment of such interest.
|
|
| |
(5) Moneys obtained by the Society on foot of a loan guaranteed under this section shall be used solely by the Society for the acquisition, transportation, storage and insurance, in the course of its ordinary business, of dairy produce.”.
|
|
| |
(2) The following subsection is hereby inserted after subsection (11) of section 6 of the Principal Act:
|
|
| |
“(12) In relation to a guarantee under this section in a currency other than the currency of the State—
|
|
| |
(a) each of the references to principal in subsections (3) and (7) shall be taken as referring to the equivalent in the 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;
|
|
| |
(b) the reference to moneys in subsection (9) shall be taken as referring to the cost in the currency of the State of the actual money paid.”.
|
