4Payment of interest, sinking fund charges etc in respect of loan liabilities of certain authorities

4 Payment of interest, sinking fund charges etc in respect of loan liabilities of certain authorities

4 Payment of interest, sinking fund charges etc in respect of loan liabilities of certain authorities

(1) Each authority named in the second column of the Schedule shall, as from the date set out in the first column of the Schedule opposite to the name of such authority, pay to the Treasurer in respect of its loan liability such amounts for interest, exchange, sinking fund contributions, flotation expenses, discount, loan management expenses and other charges as the Treasurer may from time to time determine:

Provided that the amounts so determined in any year shall, unless the Treasurer otherwise directs, be the amounts chargeable in that year.

(2) Without otherwise limiting the Treasurer’s power of determination the amounts so determined under subsection (1) shall not exceed the amounts which the Treasurer calculates as being the amounts which shall approximately recoup the State for interest, exchange, sinking fund contributions, flotation expenses, discount, loan management expenses and other charges paid or payable by the State in respect of the loan liability of such authority.

(3) Payments in accordance with the provisions of subsection (1) shall be made in such amounts and at such times as the Treasurer may from time to time direct.