Tourist Traffic Act, 1952

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Advance from the Central Fund of moneys required for guarantee of loans.

22.—(1) Such sums as may from time to time be required by the Minister for fulfilling guarantees given under this Part shall be advanced out of the Central Fund or the growing produce thereof.

(2) In order to provide for the advance of any sums out of the Central Fund authorised by this section to be so advanced, the Minister for Finance may 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.

(3) The principal and interest of all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.