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Power of the Minister to guarantee or grant loans for capital or manufacturing undertakings.
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2.—(1) Where an application is duly made under this Act to the Minister by any person for the guarantee or for the grant under this Act of a loan and the Minister, after consultation with the appropriate advisory committee in accordance with this Act, is satisfied—
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(a) that the proceeds of such loan will be applied towards the carrying out of a capital undertaking or the carrying on of a manufacturing undertaking, or in the purchase of articles (manufactured or produced in Ireland) required for any such undertaking, and
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(b) that the application of those proceeds in the manner aforesaid is calculated to promote employment in Ireland,
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the Minister, if he so thinks proper, may, with the sanction of the Minister for Finance and subject to the provisions of this Act, either, as shall have been specified in the application, guarantee such loan (whether raised in or outside Ireland) or himself grant such loan.
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(2) Whenever the Minister guarantees a loan under this section, he may, subject to the provisions of this Act, guarantee in such manner and form and on such terms and conditions as he shall, with the sanction of the Minister for Finance, think proper, the repayment of the principal of such loan or the payment of the interest thereon, or both the repayment of such principal and the payment of such interest.
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(3) Whenever the Minister grants a loan under this section, he may, subject to the provisions of this Act, grant such loan upon such terms and conditions as to time and manner of repayment, rate of interest, security, and any other matter whatsoever as he shall, with the sanction of the Minister for Finance, think proper.
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