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Development Loans (Agriculture and Fisheries) Act (Northern Ireland) 1968

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5Loans for fishery development.N.I.

(1)F1 Loans (not being local[F2 or public loans within the meaning of paragraph 1 of Schedule 1 to the Financial Provisions (Northern Ireland) Order 1983]) for the purposes of fishery development as specified in Part II of Schedule 1 may be made by the Ministry upon such security and on such terms as may be determined by the Ministry in accordance with and subject to the provisions of any loans scheme prescribed by the Ministry with the approval of the Ministry of Finance.

Subs. (2) rep. by 1979 NI 12

(3)Any sum received in respect of the repayment of any loan made by the Ministry for the purposes specified in Part II of Schedule 1 shall be paid into the Exchequer.

(4)Where the Ministry recommends that the whole or any part of the principal or interest of any loan made under subsection (1) should be written off by reason of the same not being likely to be recovered, the Ministry of Finance may direct that such amount shall be written off, and such amount shall be treated as a loss to the Exchequer, but nothing in this subsection shall alter the liability of any person to pay the principal of or interest on any such loan or part thereof, and any sum afterwards recovered whether for principal or interest in respect of the amount so written off shall be paid into the Exchequer.

(5)The Ministry shall keep such accounts of loans made under subsection (1) as the Ministry of Finance may approve, and such accounts shall be audited by the Comptroller and Auditor-General and shall, together with his report thereon, be laid before Parliament.

(6)The Ministry shall lay annually before Parliament a statement of all losses caused to the Exchequer by reason of the principal or interest of any loan being written off.

(7)Loans made under subsection (1) shall be issued out of moneys provided by Parliament.

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