(1) Where a loan guarantee issued by the Government under this Act becomes payable, the Government shall —
(a) fulfil the obligations of the Government under the loan guarantee to the creditor; and
(b) immediately give written notice to the borrower.
(2) A notice under subsection (1)(b) must —
(a) specify the default of payment of the loan by the borrower;
(b) specify that the Government is indemnified of any liability;
(c) demand payment in terms of the indemnity provided by the borrower to the Government under section 40.
(3) A sum of money required for fulfilling the obligations of the Government under a loan guarantee is a charge on and paid out of the Consolidated Fund without further appropriation.