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