Powers of the Minister when likelihood of default of statutory authority

(1) Where it is made to appear to the Minister that there is reasonable cause to believe, (a) that a statutory authority is likely to fail or be unable to discharge any of its obligations under any agreement concluded by it with the Bank or under any bond, promissory note or other instrument issued pursuant to any such agreement; and (b) that the Government is or may become liable under any guarantee or other undertaking given in exercise of the powers conferred by section 8 (1) of this Act in respect of such the Minister may by order give or authorise any other person to give such directions to the statutory authority as he or such other person may from time to time think necessary or desirable to ensure that satisfactory arrangements are made by the authority to enable it duly to discharge its obligations under such agreement, bond, promissory note or instrument or under this Act. (2) The statutory authority shall, notwithstanding any provision contained in any other statute, comply with any directions given by or under such order. (3) Nothing in the provisions of this section shall affect or derogate from any other power conferred by law on the Minister or any public officer in respect of the statutory Loans (Caribbean 10 (4) Where any sum becomes payable by the Government pursuant to a guarantee or undertaking given in exercise of the powers conferred by section 8 of this Act, that sum shall be charged on the Consolidated Revenue Fund and the Minister shall direct payment to issue out of the Consolidated Revenue Fund accordingly.