Section 36Part 6 — Financial and accountability provisions
Advances, grants and guarantees
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The Cabinet may, from time to time, make advances and grants to the Office out of sums placed upon the estimates of the Islands for the purpose and approved by the Cayman Islands Parliament.
With the approval of the Cayman Islands Parliament, the Cabinet may guarantee, in such manner and on such conditions as the Cabinet thinks fit, the payment of the principal and interest on any authorised borrowings of the Office made otherwise than by way of advance under subsection (1).
Where the Cabinet is satisfied that there has been default in the repayment of any principal moneys or interest guaranteed under subsection (2), the Cabinet shall, with the prior approval of the Finance Committee of the Cayman Islands Parliament, direct the repayment out of the general assets and revenue of the Islands of the amount in respect of which there has been such default.
Referenced By
- Section 37 — Repayment of advances
advances made to the Office