(1)The aggregate at any time outstanding in respect of the principal of amounts borrowed under section 121(1A) shall not exceed [F2£1,000 million] .
(2)The Secretary of State may by order made with the consent of the Treasury substitute for the amount for the time being specified in subsection (1) such amount as may be specified in the order.
(3)An amount substituted under subsection (2) may be more or less than the amount for which it is substituted but may not be less than [F3£1,000 million] .
(4)No order is to be made under subsection (2) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
(5)A person lending money to a member of the Welsh Government—
(a)is not bound to enquire whether the member of the Welsh Government has power to borrow the money, and
(b)is not to be prejudiced by the absence of any such power.
(6)The Welsh Ministers may not mortgage or charge any of their property as security for money which they have borrowed under section 121(1A).
This is subject to section 121(3) (charging of sums on the Welsh Consolidated Fund).
(7)Security given in breach of subsection (6) is unenforceable.]
Textual Amendments
F1S. 122A inserted (1.1.2017) by Wales Act 2014 (c. 29), ss. 20(10), 29(5)(a); S.I. 2016/1264, art. 2
F2Words in s. 122A(1) substituted (31.3.2017) by Wales Act 2017 (c. 4), ss. 18, 71(2)(d) (with Sch. 7 paras. 1, 6)
F3Words in s. 122A(3) substituted (31.3.2017) by Wales Act 2017 (c. 4), ss. 18, 71(2)(d) (with Sch. 7 paras. 1, 6)