Treasurer may agree to deferment of interest or principal
7 Treasurer may agree to deferment of interest or principal
Notwithstanding any other provision of this Act, or any term or condition subject to which a guarantee has been given under this Act, the Treasurer may at the request of both the bank and the borrower and—
on the recommendation and report of the Director-General, agree to the deferment by the bank of payments of interest on a loan for periods not exceeding two years, in each case, or to the deferment of payments of the principal for periods not exceeding three years, in each case, if he is satisfied that such deferment would be necessary or expedient to ensure the successful operation or rehabilitation of the business of rural production conducted by the borrower.
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