3Loans

3 Loans

(1)  The Minister may, in his absolute discretion, make loans, in such manner and upon and subject to such terms and conditions as he thinks fit, to a distressed person who, in the opinion of the Minister –

(a) is a dependant of a person who suffered injury or died as a result of the fires; or

(b) who is in need of assistance under this Act in order to enable him –

(i) to re-establish himself or to resume his former way of life; or

(ii) to carry on, or to continue to carry on, or to resume the carrying on of, any industry, trade, business, undertaking, or operations in the carrying on of which he was engaged (whether for profit or reward or not) on the seventh day of February 1967, or to establish or carry on some other industry, trade, business, undertaking, or operations.

(2)  Interest on loans under this section shall be at such rate as the Minister in each case may determine.

(3)  The Minister may –

(a) make loans under this section without interest;

(b) remit payment of interest on loans so made; and

(c) in agreements for loans under this section, provide for the rate of interest to be varied as he may determine.

(4)  The Minister may require and take such security for the repayment of loans under this section as in each case he thinks the best that can reasonably be obtained in the circumstances.