49. Government guarantee

The Minister in charge of the subject of Finance shall guarantee the repayment of the principal and of the interest due on Sustainable Energy Authority Debentures issued under section 48.

Any sum required for the fulfillment of a guarantee provided for under subsection (1) may, with the prior approval of the Parliament, be paid out of the Consolidated Fund.

Any sum paid out of the Consolidated Fund in fulfillment of a guarantee provided under subsection (1), shall be repaid by the Authority together with interest thereon, at such rate and in such manner and over such period of time as the Minister in charge of the subject of Finance may determine, with the concurrence of the Minister.

Immediately upon a guarantee being given under subsection (1), the Minister in charge of the subject of Finance shall lay before the Parliament, a statement pertaining to such guarantee.

Where any sum is paid out of the Consolidated Fund in fulfillment of a guarantee provided under subsection (1), the Minister in charge of the subject of Finance shall forthwith lay before the Parliament a statement on such sum paid as a guarantee.