[F127 Temporary borrowing powers of the Board.E+W+S
(1)—(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(4)The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of [F3the payment of interest on and the discharge of any other financial obligation in connection with], any sum borrowed by the [F4Corporation], otherwise than from the Minister, under [F5[F6section 1] of the M1Coal Industry Act 1965][F7or under section 2(3) of the M2Coal Industry Act 1973].
(5)Any sums required by the Treasury for fulfilling any such guarantee shall be charged on and issued out of the Consolidated Fund.
(6)Immediately after any guarantee is given under this section, the Treasury shall lay a statement of the guarantee before each House of Parliament, and where any sum is issued out of the Consolidated Fund for fulfilling such a guarantee the Treasury shall, as soon as possible after the end of each financial year beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest thereon is finally discharged, lay before each House of Parliament a statement relating to that sum.
(7)Any sum issued for fulfilling a guarantee given under this section shall be repaid by the [F4Corporation]to the Treasury, together with interest thereon at such rate as the Treasury may determine, in such manner, and over such period, as the Treasury may determine after consultation with the Minister.
(8)Any sums received by the Treasury under the last preceding subsection shall be paid into the Exchequer.
(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2]
Textual Amendments
F1S. 27 substituted by Coal Industry Act 1962 (11 & 12 Eliz. 2 c. 6), s. 1
F2Ss. 26, 27(1)–(3), (9) repealed by Coal Industry Act 1965 (c. 82), Sch. 2
F3Words substituted by Miscellaneous Financial Provisions Act 1983 (c. 29, SIF 99:1) s. 4, Sch. 2
F4Word substituted by Coal Industry Act 1987 (c. 3, SIF 86), s. 1(1)(2), Sch. 1 para. 1(3)
F5Words substituted by Coal Industry Act 1965 (c. 82), Sch. 1 para. 1
F6Words substituted by Coal Industry Act 1971 (c. 16), s. 4(2)
F7Words added by Coal Industry Act 1973 (c. 8), Sch. 1 para. 2
Marginal Citations