Section 21Part 4 — Financial Provisions
Advances, grants and guarantees
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The Cabinet 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 Cabinet may guarantee, in such manner and on such conditions as it thinks fit, the payment of the principal and interest on any authorised borrowings of the Authority made otherwise than by way of advance under subsection (1).
Where the Cabinet is satisfied that there has been default in the repayment of any principal moneys or interest guaranteed under subsection (2), it 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 22 — Repayment of advances, etc.
references advances made to the Authority under section 21