Section 10Part 0 —
Loans, grants and guarantees
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The Government may make loans and grants to the College out of such sums and on such conditions as may be approved by the Legislative Assembly.
With the approval of the Legislative Assembly, the Minister of Finance may guarantee, in such manner and on such conditions as he may think fit, the payment of the principal and of interest on any authorised borrowings of the College made otherwise than by way of loan under subsection (1).
Where the Minister of Finance 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 Standing Finance Committee of the Legislative Assembly, direct the repayment out of the revenue of the Islands of the amount in respect of which there has been such default.