Section 3: Guarantee of money borrowed

3. Guarantee of money borrowed (1) Subject to this Act, the Minister may execute, in the name and on behalf of Government, any instrument required to be executed for the purpose of guaranteeing, wholly or partly, the repayment of any money borrowed by a resident in Mauritius for development purposes. (2) Before executing any such instrument, the Minister may require the resident to furnish proof of his capacity to repay the money borrowed. (3) The Minister may, as a condition of the guarantee, require the resident— (a) to pay an annual fee not exceeding one per cent of the money guaranteed; (b) to give security, in any specific case, in such manner and form as he may specify, sufficient to indemnify Government of any liability it may incur under any such instrument. G10 – 1 [Issue 1] Government Guarantees (Development Purposes) Act (4) Any money the repayment of which is guaranteed under any such instrument shall be a charge on the Consolidated Fund and any liability incurred under it shall be paid out of such Fund.