Water Resources Act 1991

152 Loans to the Authority. E+W

(1) Each of the Ministers shall have power, with the approval of the Treasury, to lend any sums to the Authority which the Authority has power to borrow under section 151(3) above.

(2) Any loan made by one of the Ministers under this section 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 that Minister may with the approval of the Treasury from time to time determine.

(3) Any sums required by either of the Ministers for making a loan under this section shall be paid out of money provided by Parliament; and any sums received by either of them in pursuance of subsection (2) above shall be paid into the Consolidated Fund.

(4) Each of the Ministers shall-

(a) prepare in respect of each financial year an account of the sums lent by him to the Authority under this section; and

(b) before the end of September in the following financial year send that account to the Comptroller and Auditor General;

and the form of the account and the manner of preparing it shall be such as the Treasury may direct.

(5) The Comptroller and Auditor General shall examine, certify and report on each account sent to him under this section and shall lay copies of it and of his report before each House of Parliament.