Section 10Part 0 —
Powers exercisable by the Governor in the event or prospect of default by a statutory authority
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Where it appears to the Governor that there is reasonable cause to believe —
that a statutory authority is likely to fail to discharge any of its obligations under any agreement concluded by it with the Bank or under any bond, promissory note or other instrument issued pursuant to any such agreement; and
that the Government is or may become liable under any guarantee or other undertaking given under section 8(1) in respect of such obligation, the Governor may, by order, give or authorise any other person to give such directions to the statutory authority as he or such other person may, from time to time, think necessary or desirable to ensure that satisfactory arrangements are made by the authority to enable it duly to discharge its obligations under such agreement, bond, promissory note or instrument or under this Law.
The statutory authority shall, notwithstanding any provision contained in any other law, comply with directions given by or under any such order.
Nothing in this section affects or derogates from any other power of the Governor or other public officer in respect of the statutory authority.
Where any sum becomes payable by the Government pursuant to a guarantee or undertaking given in exercise of section 8, that sum shall be charged on the general revenue and assets of the Islands and the Governor shall direct payment to issue thereout.