Microenterprise Loan Fund Act 2012

19.

Funding of subsidiary.

19.— (1) All expenditure incurred by the subsidiary in accordance with an arrangement under this section shall be paid out of moneys standing to the credit of the Fund.

(2) The Minister may, with the consent of the Minister for Public Expenditure and Reform, make an arrangement in writing with the subsidiary in relation to expenditure of moneys (other than moneys loaned by the subsidiary under 1 [ section 7 , paid ] to the Social Finance Foundation in connection with any loan made to the subsidiary by the Social Finance Foundation in accordance with subsection (4) of section 8 1 [ or paid to a promotional financial institution in connection with any loan made to the subsidiary by that promotional financial institution in accordance with subsection (1) of section 8A ] ) by the subsidiary in the performance of its functions under this Act.

(3) If the subsidiary is wound up either voluntarily or by the court, any moneys remaining in the Fund after the payment of all debts of the subsidiary incurred in accordance with an arrangement under this section shall be paid into the Central Fund.

Annotations:

Amendments:

Amendments:

F31

Inserted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 7(b), S.I. No. 268 of 2020.

F32

Substituted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 7(a), S.I. No. 268 of 2020.