22Guarantee or indemnity

22 Guarantee or indemnity

(1)  On the written request of a company or its subsidiary, the Treasurer, in writing, may guarantee or give an indemnity, or guarantee and give an indemnity, in relation to –

(a) the repayment of any money lent or agreed to be lent to the company or subsidiary; or

(b) the performance of an obligation undertaken by the company or subsidiary or which the company or subsidiary has agreed to undertake (whether that obligation is monetary or otherwise).

(2)  A guarantee or an indemnity –

(a) may include a guarantee of, or an indemnity relating to, any interest and other charges payable in respect of money lent or agreed to be lent or in respect of, incidental to or arising from an obligation undertaken or agreed to be undertaken; and

(b) is subject to any conditions the Treasurer determines.

(3)  The Treasurer is to make any payment required under or arising from a guarantee or indemnity out of money provided by Parliament for the purpose.

(4)  This section has effect regardless of where the loan or obligation was undertaken, agreed to be undertaken or required to be repaid or performed.