31 Government financial help.U.K.
(1)If an air traffic administration order is in force in relation to a company the Secretary of State may—
(a)make grants or loans to the company of such sums as he thinks appropriate to facilitate the achievement of the order’s purposes;
(b)agree to indemnify the air traffic administrator in respect of liabilities incurred and loss or damage sustained by him in connection with carrying out his functions under the order.
(2)The Secretary of State may guarantee, in such manner and on such terms as he thinks fit, the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with any sum borrowed from any person by a company in relation to which an air traffic administration order is in force when the guarantee is given.
(3)The terms on which a grant is made under this section may require all or part of it to be repaid to the Secretary of State if there is a contravention of the other terms on which it is made.
(4)A loan made under this section must be repaid to the Secretary of State at such times and by such methods, and interest must be paid to him at such rates and times, as may be specified in directions given by him from time to time.
(5)Subsections (3) and (4) do not prejudice any provision applied in relation to the company by Schedule 1.
(6)A grant, loan, agreement to indemnify, guarantee or direction under this section requires the Treasury’s consent.
(7)The air traffic administrator is the person appointed by the court to achieve the purposes of the air traffic administration order.
Commencement Information
I1S. 31 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)