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Withdrawal of guarantee by Minister
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8. The Principal Act is amended by the substitution of the following section for section 9:
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“9. (1) Where a participating finance provider fails or refuses to comply with the terms of a credit guarantee scheme, the Minister may withdraw any guarantee given by him or her in respect of any qualifying finance agreement to which that participating finance provider is a party.
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(2) Any term of a finance agreement that permits a participating finance provider to—
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(a) alter a term or condition of such agreement upon the withdrawal of a guarantee in accordance with subsection (1), or
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(b) impose less favourable terms and conditions on the participating enterprise upon the withdrawal of a guarantee in accordance with subsection (1),
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shall be null and void.”.
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