Cap. 575 Art. 44Charge on Consolidated Fund.

(1) All amounts required for the payment of sums in pursuance of a guarantee given under this Act and for the payment of all interest and other charges on those sums shall be charged upon and shall be payable out of the Consolidated Fund.

(2) Where the Minister is satisfied that there has been any default in the payment of any amount guaranteed under the provisions of this Act, the Minister shall direct the payment of such amount out of the Consolidated Fund.

(3) All liabilities in the form of central Government debt and in the form of obligations under guarantees authorized under this Act shall rank pari passu.

(4) Any money paid by the Government under a loan guarantee given under this Part and any expenses incurred in relation to the guarantee may be incurred without further appropriation than this Part.

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