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Transport Act 1962
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[F121A British Waterways Board: guarantees by the Scottish MinistersU.K.
(1)The Scottish Ministers may guarantee, in such manner and on such conditions as they may think fit–
(a)the repayment of the principal of;
(b)the payment of interest on; and
(c)the discharge of any other financial obligation in connection with,
any sums which the British Waterways Board F2 ... borrow from a person other than the Scottish Ministers in exercise of their powers under section 19 of this Act.
(2)As soon as possible after any guarantee is given under this section by the Scottish Ministers, the Scottish Ministers shall lay a statement of the guarantee before the Scottish Parliament, and where any sum is issued for fulfilling such a guarantee the Scottish Ministers shall, as soon as possible after the end of each financial year, beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest thereon is finally discharged, lay before the Scottish Parliament a statement relating to that sum.
(3)Any sums required by the Scottish Ministers for fulfilling any guarantee under this section shall be charged on the Scottish Consolidated Fund.
(4)If any sums are issued in fulfilment of any guarantee given under this section by the Scottish Ministers in favour of the British Waterways Board, that Board shall make to the Scottish Ministers, at such times and in such manner as the Scottish Ministers may from time to time direct, payments of such amounts as the Scottish Ministers may so direct in or towards repayment of the sums so issued, and payments of interest on what is outstanding for the time being in respect of sums so issued at such rate as the Scottish Ministers may so direct.]
Textual Amendments
F1S. 21A inserted (1.4.2001) by S.I. 2000/3251, arts. 1(2)(b), 2, Sch. 2 para. 2(13) (with transitional provisions and savings in art. 4)
F2Words in s. 21A(1) omitted (2.7.2012) by virtue of The British Waterways Board (Transfer of Functions) Order 2012 (S.I. 2012/1659), art. 1(2), Sch. 2 para. 14 (with arts. 4-6)
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