Microenterprise Loan Fund Act 2012
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Lending to microenterprises. |
7.— (1) The subsidiary may lend money to microenterprises in accordance with a scheme under section 10 out of moneys— | |
(a) for the time being standing to the credit of the Fund, or | ||
(b) loaned to it by the Social Finance Foundation in accordance with subsection (4) of section 8 . | ||
(2) Where moneys (other than moneys standing to the credit of the Fund) for the time being standing to the credit of accounts held by the subsidiary are, by reason of a default or defaults in the payment of moneys due to the subsidiary pursuant to an agreement or agreements providing for the making of a loan or loans to which subsection (1) applies, insufficient to enable the subsidiary to pay (in whole or in part) to the Social Finance Foundation any sum the payment of which falls due in accordance with terms or conditions referred to in subsection (4) of section 8 , the subsidiary shall pay that sum to the Social Finance Foundation out of moneys for the time being standing to the credit of the Fund. |