3Authority for Treasurer to guarantee overdraft accounts etc

3 Authority for Treasurer to guarantee overdraft accounts etc

3 Authority for Treasurer to guarantee overdraft accounts etc

(1) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Health, with the approval of the Governor, to execute a guarantee in favour of any bank, building society or credit union in respect of the overdraft account with the bank, building society or credit union or of any indebtedness to the bank, building society or credit union of any statutory health corporation or affiliated health organisation within the meaning of the Health Services Act 1997.

(2) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank, building society or credit union, or of any other body of persons, corporate or unincorporate, approved by the Minister (in this Act referred to as approved body) for the repayment of any advance made or to be made by the bank, building society, credit union or approved body, as the case may be:

(a) to any marketing board within the meaning of the Marketing of Primary Products Act 1927, or

(a1) (Repealed)

(b) to any society (other than a co-operative housing society) within the meaning of the Co-operation Act 1923, or

(c) to any society within the meaning of the Permanent Building Societies Act 1967:

Provided further that where any such guarantee is for the repayment of any advance to a community settlement society within the meaning of the Co-operation Act 1923, it shall not be executed except upon the recommendation of the Co-operative Farms Purchase Promotion Committee constituted under that Act.

(2A) (Repealed)

(3) It shall be lawful for the Treasurer, upon the recommendation of the Farmers’ Relief Board and with the approval of the Governor, to execute a guarantee in favour of any bank in respect of the account with the bank of a supervisor within the meaning of the Farmers’ Relief Act 1932.

(4) It shall be lawful for the Treasurer, with the approval of the Governor, but subject to this Act, to renew any guarantee validated by this Act or by the Housing (Further Provisions) Act 1937 for such further period or periods as the Treasurer may think fit, and either upon the same terms and conditions or upon such other terms and conditions and for the same amount or such other amount as may be agreed upon by the Treasurer, the bank and the debtor.