213.—(1) The Department may make grants to relevant undertakers for the purpose of defraying or contributing towards(
(a)any costs they may incur; or
(b)any losses they may sustain,
by reason of compliance with requirements imposed by regulations under Article 202.
(2) A grant under paragraph (1)—
(a)shall be of such amount;
(b)shall be payable at such time or times; and
(c)shall be paid subject to such conditions,
as the Department, with the approval of DFP, may determine.
(3) The Department shall make grants to relevant undertakers of amounts appearing to the Department to be equal to discounts provided by undertakers in respect of any charges payable to them in, or in respect of, the initial period.
(4) In paragraph (3) “the initial period” means the period of three years from the day appointed for the coming into operation of Article 200.
(5) Grants under paragraph (3)—
(a)shall be payable at such time or times; and
(b)shall be paid subject to such conditions,
as the Department, with the approval of DFP, may determine.
Commencement Information
I1Art. 213 wholly in operation at 1.4.2007, see art. 1(2) and S.R. 2007/194, art. 2(2), Sch. 1 Pt. II (subject to art. 3, Sch. 2)
214.—(1) Where a special administration order is for the time being in force in relation to a company, the Department, may—
(a)make to the company grants or loans of such sums as appear to it to be appropriate for the purpose of facilitating the achievement of the purposes of the order;
(b)agree to indemnify the person appointed to achieve the purposes of the order in respect of liabilities incurred and loss or damage sustained by that person in connection with the carrying out of his functions under the order.
(2) The Department may guarantee, in such manner and on such conditions as it may think fit, the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with any sum which is borrowed from any person by a company in relation to which a special administration order is in force at the time when the guarantee is given.
(3) Without prejudice to any provision of regulations under Article 41(3)—
(a)the terms and conditions on which a grant is made to any company under this Article may require the whole or a part of the grant to be repaid to the Department if there is a contravention of the other terms and conditions on which the grant is made; and
(b)any loans which the Department makes to a company under this Article shall be repaid to it at such times and by such methods, and interest on the loans shall be paid to it at such rates and at such times, as it may from time to time direct.
(4) Where any guarantee is given by the Department under this Article—
(a)the Department shall immediately lay a statement of the guarantee before the Assembly; and
(b)if any sum is paid out for fulfilling the guarantee, the Department shall, as soon as possible after the end of each financial year (beginning with that in which the sum is paid out and ending with that in which all liability in respect of the principal of the sum and in respect of the interest thereon is finally discharged), lay before the Assembly a statement relating to that sum.
(5) Without prejudice to any provision of regulations under Article 41(3), if any sums are paid out in fulfilment of a guarantee given under this Article, the company which borrowed the sums in respect of which the guarantee was given shall make to the Department, at such times and in such manner as the Department may from time to time direct—
(a)payments of such amounts as the Department may so direct in or towards repayment of the sums so paid out; and
(b)payments of interest, at such rate as the Department may so direct, on what is outstanding for the time being in respect of sums so paid out.
(6) Any sums received under paragraph (3) or (5) by the Department shall be paid into the Consolidated Fund.
(7) There shall be paid out of money appropriated by Act of the Assembly—
(a)any grant or loan made under this Article;
(b)any sum required to be paid by the Department in respect of an indemnity given under this Article;
(c)any sums required by the Department for fulfilling a guarantee given under this Article.
(8) The powers of the Department under paragraphs (1) and (2) are exercisable only with the approval of DFP; and directions under paragraph (3) or (5) also require that approval.
Commencement Information
I2Art. 214 wholly in operation at 1.4.2007, see art. 1(2) and S.R. 2007/194, art. 2(2), Sch. 1 Pt. II (subject to art. 3, Sch. 2)