- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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Environment Act 1995
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Rhagor o Adnoddau
Changes over time for: Section 48
Version Superseded: 18/07/2013
Alternative versions:
- 28/07/1995- Amendment
- 01/07/1999- Amendment
- 01/04/2000- Amendment
- 24/03/2012
Point in time - 18/07/2013- Amendment
Status:
Point in time view as at 24/03/2012. There are multiple versions of this provision on screen. These apply to different geographical extents. This version of this provision has been superseded.
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Environment Act 1995, Section 48 is up to date with all changes known to be in force on or before 28 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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48 Borrowing powers.E+W
(1)Each new Agency shall be entitled to borrow in accordance with the following provisions of this section, but not otherwise.
(2)Subject to subsection (5) below, each new Agency may—
(a)with the consent of the appropriate Minister, and
(b)[F1in the case of the Agency only] with the approval of the Treasury,
borrow temporarily in sterling, by way of overdraft or otherwise, from persons other than the appropriate Ministers, such sums as it may require for meeting its obligations and carrying out its functions.
(3)Subject to subsection (5) below, each new Agency may borrow from the appropriate Minister, by way of temporary loan or otherwise, such sums in sterling as it may require for meeting its obligations and carrying out its functions.
(4)Any consent under subsection (2)(a) above may be granted subject to conditions.
(5)The aggregate amount outstanding in respect of the principal of sums borrowed under this section by a new Agency shall not at any time exceed—
(a)in the case of the Agency, £100 million or such greater sum, not exceeding £160 million, as the Ministers may by order specify; or
(b)in the case of SEPA, £5 million or such greater sum, not exceeding £10 million, as the Secretary of State may by order specify.
(6)The power to make an order under subsection (5) above shall be exercisable by statutory instrument; but no order shall be made under that subsection unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.
Extent Information
E1This version of this provision extends to England and Wales only; a separate version has been created for Scotland only
Textual Amendments
F1Words in s. 48(2) inserted (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 120(4)(a); S.I. 1998/3178, art. 3
48 Borrowing powers.S
(1)Each new Agency shall be entitled to borrow in accordance with the following provisions of this section, but not otherwise.
(2)Subject to [F2subsections (5) and (5A)] below, each new Agency may—
(a)with the consent of the appropriate Minister, and
(b)[F3in the case of the Agency only] with the approval of the Treasury,
borrow temporarily in sterling, by way of overdraft or otherwise, from persons other than the appropriate Ministers, such sums as it may require for meeting its obligations and carrying out its functions.
(3)Subject to [F2subsections (5) and (5A)] below, each new Agency may borrow from the appropriate Minister, by way of temporary loan or otherwise, such sums in sterling as it may require for meeting its obligations and carrying out its functions.
(4)Any consent under subsection (2)(a) above may be granted subject to conditions.
(5)The aggregate amount outstanding in respect of the principal of sums borrowed under this section by a new Agency shall not at any time exceed—
(a)in the case of the Agency, £100 million or such greater sum, not exceeding £160 million, as the Ministers may by order specify; F4. . .
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(5A)In any financial year the net amount of sums borrowed by SEPA under this section shall not exceed the amount specified for that year for the purposes of this section in a Budget Act.
F5(5B)In subsection (5A) above, “net amount” means the amount of sums borrowed in the financial year less any repayments made during that year (otherwise than by way of interest) in respect of sums borrowed in that or any other year.]
(6)The power to make an order under subsection (5) above shall be exercisable by statutory instrument; but no order shall be made under that subsection unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.
Extent Information
E2This version of this provision extends to Scotland only; a separate version has been created for England and Wales only
Textual Amendments
F2Words in s. 48(2)(3) substituted (S.) (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 7(2)(a); S.S.I. 2000/10, art. 2(3)
F3Words in s. 48(2) inserted (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 120(4)(a); S.I. 1998/3178, art. 3
F4S. 48(5)(b) and the preceding “or” repealed (S.) (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 7(2)(b); S.S.I. 2000/10, art. 2(3)
F5S. 48(5A)(5B) inserted (S.) (1.4.2000) by 2000 asp 1, s. 8, Sch. 1; S.S.I. 2000/10, art. 2(3)
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