(1) With the approval of the House of Assembly the Minister may guarantee, in such manner and on such conditions as he or she may think fit, the payments of the principal and interest of any authorised borrowing of the Corporation.
(2) Where the Minister is satisfied that there has been default in the payment of any principal monies or interest guaranteed under this section he or she shall direct the repayment out of the Consolidated Fund of the amount in respect of which there has been such default.
(3) The Corporation shall make to the Accountant General, at such times and in such manner as the Minister may direct, payments of such amounts as may be so directed towards repayment of any sums issued in fulfilment of a guarantee given under this section, and payments of interest in respect of such sums at such rate as the Minister may direct, and different rates of interest may be directed as regards different sums and as regards interests for different periods.