Section 8Part 0 —
Power of Governor to guarantee loans by Bank to statutory authorities
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The Governor may, in such manner, on such terms and subject to such conditions as may be agreed between him and the Bank and with the consent of the Legislative Assembly when the sum involved exceeds two hundred and fifty thousand dollars —
guarantee the discharge by a statutory authority of its obligations under any agreement entered into by the statutory authority and the Bank in respect of any borrowing authorised by section 6(1) or under any bond, promissory note or other instrument issued under such agreement; and
undertake such other obligations as may be agreed between the Governor and the Bank in relation to or pursuant to any such agreement, bond, promissory note or instrument.
Guarantees and undertakings given under subsection (1) shall be given in writing in the name of the Government, and any endorsement of any bond, promissory note or other instrument of any guarantee given under subsection (1) may be signed on behalf of the Government by the Member or by any person authorised in writing by the Governor.
As soon as possible after a guarantee or undertaking is given under this section, the Governor shall cause to be laid before the Legislative Assembly a statement of such guarantee or undertaking.