Guarantee by Government of loans.

2[(1) The Government shall guarantee the

payment of the principal and interest of any fund proposed to be raised by the Board under section 8:

Provided that the total guarantee issued by the Government under this Act shall not exceed the limits set by the Kerala Ceiling on Government Guarantees Act, 2003 (30 of

2003) in force.]

1. (2) The Government shall, so long as any such guarantee is in force lay before the State Legislature in every year during the budget session, a statement of the guarantee, if any, given during the current financial year and up to date accounts of the total sums, if any, which have been paid out of the Consolidated Fund of the State by reason of any such guarantee or paid into the said fund towards repayment of any moneys so paid out. 1 Substituted by Act 15 of 2016 (w.e.f. 19.08.2016).