Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)

Chapter II : Finance

12N. Expenditure in connection with loans
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(1)When in the raising of a loan the gross amount of the moneys borrowed is reduced by any costs, including any discount and commission, such costs shall be deemed to be expenditure chargeable to the Fund and the net amount so borrowed shall be increased by the amount of such costs.

 

(2)All interest payable on loans, exchange rate losses, commission, management charges and any other costs incurred in respect of moneys borrowed in terms of this Act or incurred with the object of borrowing moneys in terms of this Act, shall be paid by the department from the Fund.

 

[Section 12N inserted by section 5 of Act No. 113 of 1976]