Merchant Shipping Act 1995

216 Limit on borrowings under section 215.U.K.

(1)The aggregate amount outstanding in respect of the principal of any sums borrowed under section 215 shall not at any time exceed £100 million.

(2)The Secretary of State may, by order, with the approval of the Treasury, increase or further increase that limit, but not by more than £33 million at a time.

(3)An order shall not be made under subsection (2) above unless a draft of the order has been laid before and approved by a resolution of the House of Commons.