Section 4
Appropriation of sums raised
of Loans Guarantee (Bodies Corporate) Act 1965
ActIn forceProvision 4 of 10
Section 4
(1)
Any sums guaranteed under this Act are hereby appropriated first to the payment of expenses in connection with the raising of the loan and, subject to payment of those expenses, to the purposes for which the loan is raised:
Provided that where any part of such sum cannot be applied to the purposes aforesaid the part may be applied to such other purposes as may be approved by the Minister.
(2)
Any agreement between the body corporate and the authority from which the loan guaranteed under this Act was raised shall be made in the name of the body corporate.