Advances and guarantee of borrowings

(1) The Minister responsible for Finance may from time to time make advances to the Authority out of monies provided by the National Assembly for the purpose. (2) With the approval of the House of Representatives, the Minister responsible for Finance may guarantee, in such manner and on such conditions as he thinks fit, the repayment of the principal and the payment of interest on any authorized borrowings of the Authority made otherwise than by way of advance under subsection (1) of this section. (3) Where the Minister responsible for Finance is satisfied that there has been default in the repayment of any principal monies or the payment of interest guaranteed under the provisions of this section, he shall direct the repayment or, as the case may be, the payment, out of the Consolidated Revenue Fund of the amount in respect of which there has been such default and any such repayment or payment shall be a charge on the Consolidated Revenue Fund.