Industrial Alcohol Act, 1938
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Guarantee by Minister of discharge of certain liabilities of the Company. |
38.—(1) Where— | |
(a) before the appointed day the Minister in exercise of the powers conferred on him by sub-section (2) of section 4 of the Industrial Alcohol Act, 1934 (No. 40 of 1934), entered into an agreement with any other person, and | ||
(b) such agreement is not fully executed and completed before the appointed day, and | ||
(c) such agreement will by virtue of the immediately preceding section be construed and have effect as if the name of the Company were substituted therein for the name of the Minister and be enforceable by or against the Company, | ||
the Minister may guarantee, in such form and manner as he thinks fit and subject to the sanction of the Minister for Finance, the payment to such person by the Company of any moneys which on or after the appointed day will be or become payable to such person by the Company under any specified terms of such agreement. | ||
(2) Such sums as may from time to time be required by the Minister to meet any sums which may become payable by him under any guarantee given by him under this section shall be advanced out of the Central Fund or the growing produce thereof. | ||
(3) For the purpose of providing money for the sums advanced out of the Central Fund under this section, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he shall think fit. | ||
(4) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof. | ||
(5) Any moneys raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available. | ||
(6) Any sums advanced out of the Central Fund or the growing produce thereof for the purposes of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Company in such amounts and at such times as the said Minister shall appoint, and if and so far as any such sums are not repaid by the Company to the Central Fund, such sums shall be repaid to the Central Fund out of moneys provided by the Oireachtas. |