Section 13: Transitional provisions

13. Transitional provisions (1) Notwithstanding section 8 (1), any instrument guaranteeing any money borrowed in respect of current expenditure by the regional government, local government or any public enterprise under the repealed Loans Act and the Government Guarantees (Development Purposes) Act before 1 July 2008 shall, at 1 July 2008, remain in force until the expiry of the instrument. (2) Pending the implementation of section 10 (2), the general government and every public enterprise shall, at 1 July 2008, submit a certified statement to the Ministry— (a) — (b) one month after every quarter, specifying the amount of the loan outstanding and the amount of principal and interest in arrears as at the end of that quarter, together with reasons for the arrears and the actions taken to settle the arrears. 14. —