(1)Section 1 of the 1975 Act (which makes provision for the financing of the Board’s expenditure in performing their functions) shall be amended as follows.
(2)In subsection (4) (limit on amount outstanding in respect of principal of money borrowed by the Board), for “£10 million” there shall be substituted “£40 million”.
(3)After that subsection there shall be inserted—
“(4A)The Secretary of State may by order made by statutory instrument amend subsection (4) above by substituting a different figure for the figure for the time being specified there.
(4B)An order made under this section may be revoked by a subsequent order so made.
(4C)Any statutory instrument containing an order under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.”
(1)In section 11(5)(a) of the 1975 Act (powers of the Board in relation to the transfer of the long term business of a company in liquidation), after “another insurance company to which this Act applies” there shall be inserted “or an authorised friendly society”.
(2)In section 16(3) of that Act (corresponding provision in relation to companies in financial difficulties), after “another insurance company to which this Act applies” there shall be inserted “or an authorised friendly society”.