12 Grants and loans by Secretary of State.U.K.
(1)The Secretary of State may—
(a)make the CAA grants of such amounts as he thinks fit;
(b)give the CAA a direction providing that the whole or part of a grant made in pursuance of paragraph (a) above is not to be used by the CAA otherwise than for the purposes of such of the CAA’s functions as are specified in the direction.
(2)The Secretary of State may, with the approval of the Treasury, lend the CAA any sums which the CAA has power to borrow from him by virtue of section 10 above.
(3)Any loan which the Secretary of State makes in pursuance of subsection (2) above shall be repaid to him at such times and by such methods, and interest on the loan shall be paid to him at such rates and at such times, as the Secretary of State may with the approval of the Treasury from time to time determine.
(4)The Treasury may issue out of the National Loans Fund to the Secretary of State such sums as are necessary to enable him to make loans in pursuance of subsection (2) above; and any sums received by the Secretary of State in pursuance of subsection (3) above shall be paid into that Fund.