- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Government Trading Funds Act 1973
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Changes over time for: Section 2B
Version Superseded: 19/03/1991
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2BF1Borrowing by funds.U.K.
(1)No amount shall be paid into a trading fund by way of loan except in accordance with this section.
(2)Subject to subsection (6) below, the authorised lender may issue by way of loan to a trading fund sums required for the funded operations.
(3)Sums issued under this section shall be repaid out of the fund on such terms, and interest on them shall be paid at such variable or fixed rates and at such times, as the Treasury may determine.
(4)A rate of interest for any amount so issued by the responsible Minister shall be determined as if section 5 of the National Loans Act 1968 had effect in respect of it and subsections (5A) and (5B) of that section shall apply accordingly.
(5)In the case of any trading fund where the authorised lender is a Minister of the Crown, repayment of any amount outstanding in respect of the principal of any sum issued under this section (other than repayment before the due date) may, with Treasury concurrence, be made to the Minister instead of into the Consolidated Fund and applied by him as money provided by Parliament.
(6)The order establishing a trading fund shall specify the maximum amount that may be issued under this section and the aggregate of amounts issued under this section in respect of the fund (other than originating debt) shall not exceed that amount, or that amount as varied by a subsequent order.
(7)The sum of the maxima in force in respect of all trading funds at any time shall not exceed £2,000 million.
(8)The Treasury may by order made by statutory instrument increase or further increase the limit in subsection (7) above by any amount, not exceeding £1,000 million, specified in the order but not so as to make the limit exceed £4,000 million.
(9)No order under subsection (8) above shall be made unless a draft of a statutory instrument containing it has been laid before the House of Commons and approved by a resolution of that House.
Textual Amendments
F1Ss. 1-2B substituted for sections 1 and 2 by Government Trading Act 1990 (c. 30, SUIF 99:1), s. 1(1)
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