Restrictions on Government Guarantees

Notwithstanding anything contained in any other Acts: (1) The Government guarantee shall ordinarily be extended by the Government on behalf of the Departmental Undertakings, Public Sector Undertakings, Local Authorities, Statutory Boards and Corporations, co-operative Institutions and other Authorities and Agencies under the Government. (2) No Guarantees shall be award in respect of loan individual, private institutions or private companies.