47.—(1) Where the Minister is entitled to make, but has not made, a contribution under this Chapter towards annual loan charges incurred in respect of money borrowed by a housing authority or by a body approved by the Minister for the purposes of section 45 of this Act, the Minister may, if he thinks fit, with the consent of the Minister for Finance, and subject to such conditions (including conditions requiring the giving of an undertaking) as the Minister thinks fit, in lieu of making the contribution pay to the borrower or to the person from whom the money was borrowed a sum of such amount as may be determined by the Minister but not exceeding the maximum contribution which the Minister is so entitled to make.

(2) Where a contribution has been made by the Minister under or by virtue of this Chapter towards the annual loan charges incurred in respect of money borrowed by a housing authority or by a body approved by the Minister for the purposes of the said section 45, the Minister may, if he thinks fit, at any time, with the consent of the Minister for Finance, and subject to such conditions (including conditions requiring the giving of an undertaking) as the Minister thinks fit, in lieu of making the further contributions, pay to the borrower or to the person from whom the money was borrowed a sum determined by the Minister to be equal to the capital value of the further contributions.

(3) Where the Minister has made a payment under this section and, as a condition of making the payment, has been given an undertaking which has not been complied with, the following provisions shall have effect:

(a) the authority or body shall be liable to repay to the Minister the amount of the payment; and

(b) the amount may be recovered by the Minister from the authority or body as a simple contract debt in any court of competent jurisdiction.

(4) Where a sum is due to a housing authority by the Minister and, at the same time, the authority is liable under subsection (3) of this section to repay an amount to the Minister, the sum may be set off against the amount either, as may be appropriate, in whole or in part.

(5) In this section, the “further contributions” means the contributions or contribution towards the annual loan charges incurred by a housing authority or by a body approved by the Minister for the purposes of the said section 45 in respect of borrowed money which, but for the making by the Minister of a payment in accordance with the provisions of subsection (2) of this section, would fall to be made by him under or by virtue of this Chapter.