Guarantee of loans

Guarantee of loans.—The Government may guarantee in such manner as it thinks fit the payment of the principal and interest of any loan proposed to be raised by the Board or of either the principal or the interest :

Provided that the Government shall, so long as any such guarantees are in force, lay before both the Houses of the Legislature in every year during the budget session a statement of the guarantees, if any, given during the current financial year of the State and an up-to-date account of the total sums, if any, which have been paid out of State revenue by reason of any such guarantees or paid into State revenues towards repayment of any money so paid out.