28.1. The Minister may, under such terms and conditions as he may determine, grant, on behalf of the Government, a subsidy to any college in order to provide, in whole or in part, out of the appropriations voted each year for that purpose by Parliament, for the payment in capital and interest of any loan contracted or to be contracted by the college.
He may deposit in the hands of the Minister of Finance, to be managed by him, all amounts intended for the payment in principal and interest of the debentures issued by the college, in order to constitute a sinking fund for the purposes of paying, out of such amounts, at the maturities under the terms of the loan, the principal of the debentures, and, out of the proceeds or revenue of the fund, the loans of any college.
The second paragraph applies only to loans contracted before 1 April 1991.
1982, c. 58, s. 22; 1990, c. 66, s. 6.