Section 23Part 4 — Financial Provisions
Advances, grants and guarantees
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The Governor may, from time to time, make advances and grants to the Authority out of sums placed upon the estimates of the Islands for the purpose and approved by the Legislative Assembly.
With the approval of the Legislative Assembly, the Governor may guarantee, in such manner and on such conditions as he thinks fit, the payment of the principal and interest on any authorised borrowings of the Authority.
Where the Governor is satisfied that there has been default in the repayment of any principal moneys or interest guaranteed under subsection (2), he shall, with the prior approval of the Finance Committee of the Legislative Assembly, direct the repayment out of the general assets and revenue of the Islands of the amount in respect of which there has been such default.
Referenced By
- Section 24 — Repayment of advances, etc.
advances made to the Authority