(1) A guarantee involving any financial liability is not binding upon Government unless the Minister grants the guarantee in accordance with an enactment or with the prior approval of Parliament by a resolution of Parliament.
(2) A resolution of Parliament under subsection (1) must give the full details of the amount guaranteed, the terms and conditions of the guarantee, the person or legal entity in whose name the guarantee is intended, and the object and reasons for the giving of the guarantee.
(3) The Minister may grant a guarantee on such terms and conditions as he or she may think fit.
(Substituted by Act 7 of 2011)