Microenterprise Loan Fund Act 2012

7.

Lending to microenterprises.

7.— (1) The subsidiary may lend money to microenterprises in accordance with a scheme under section 10 out of moneys—

( a) for the time being standing to the credit of 1 [ the Fund, ]

( b) loaned to it by the Social Finance Foundation in accordance with subsection (4) of  1 [ the Fund, ]

1 [ ( c ) loaned to it by a promotional financial institution in accordance with subsection (1) of section 8A . ]

1 [ (2) Where moneys (other than moneys standing to the credit of the Fund) for the time being standing to the credit of accounts held by the subsidiary are, by reason of a default or defaults in the payment of moneys due to the subsidiary pursuant to an agreement or agreements providing for the making of a loan or loans to which subsection (1) applies, insufficient to enable the subsidiary to pay (in whole or in part) to

( a ) the Social Finance Foundation, any sum the payment of which falls due in accordance with terms or conditions referred to in subsection (4) of section 8 , or

( b ) a promotional financial institution, any sum the payment of which falls due in accordance with terms or conditions referred to in subsection (1) of section 8A ,

the subsidiary shall pay the sum due to the Social Finance Foundation or the promotional financial institution concerned, as the case may be, out of moneys for the time being standing to the credit of the Fund. ]

Annotations:

Amendments:

Amendments:

F12

Substituted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 4(a)(i), (ii), S.I. No. 268 of 2020.

F13

Inserted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 4(a)(iii), S.I. No. 268 of 2020.

F14

Substituted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 4(b), S.I. No. 268 of 2020.