Statutory authority to repay to Government sums paid under guarantee

(1) If any sum is paid out of the Consolidated Revenue Fund in respect of any liability incurred by the Government under a guarantee or other undertaking given in exercise of the powers conferred by section 8 (1) of this Act in respect of any borrowing by a statutory authority the statutory authority shall repay such sum (together with interest thereon at the same rate as that payable on the loan under the agreement by the statutory authority with the Bank) to the Consolidated Revenue Fund in such instalments as the Minister may direct. (2) If any sum is so paid out of the Consolidated Revenue Fund the Minister shall as soon as possible after the end of each financial year beginning with that in which the sum was paid and ending with that in which all liability in respect thereof and any interest payable thereon is finally discharged by the statutory authority concerned, cause to be laid before the National Assembly, a statement relating thereto.