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Repayable advances to the Board.
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16.—(1) The Minister for Finance, on the recommendation of the Minister, may advance to the Board out of the Central Fund or the growing produce thereof such sums, not exceeding in the aggregate six hundred thousand pounds, as the Board shall from time to time require.
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(2) Save as may be otherwise authorised by the Minister for Finance on the recommendation of the Minister, sums advanced under this section to the Board shall be expended by the Board solely on works, investments, or loans under this Act of a profit earning character.
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(3) Sums advanced to the Board under this section shall be repayable with interest as provided by the subsequent provisions of this Act, but, notwithstanding anything contained in such provisions, it shall be lawful for the Minister for Finance at any time on the recommendation of the Minister to do either or both of the following things, that is to say:—
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(a) to waive altogether or to postpone for such time as he thinks proper the repayment of any sum or a part of any sum so advanced or any instalment of any such sum or any part of any such instalment,
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(b) to waive altogether or to postpone for such time as he thinks proper the payment of interest on any sum or part of any sum so advanced.
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(4) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof such sums as shall be required for that purpose, and the said Minister may, for the purposes of such borrowing, create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
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(5) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.
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