Search Legislation

Communications Act 2003

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 29

 Help about opening options

Alternative versions:

Changes to legislation:

Communications Act 2003, Section 29 is up to date with all changes known to be in force on or before 27 February 2025. 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. Help about Changes to Legislation

29Secretary of State guarantees for OFCOM borrowingU.K.

This section has no associated Explanatory Notes

(1)The Secretary of State may guarantee—

(a)the repayment of the principal of any borrowing by OFCOM;

(b)the payment of interest on any such borrowing; and

(c)the discharge of other financial obligations incurred by OFCOM in connection with any such borrowing.

(2)The power of the Secretary of State to give a guarantee under this section is a power (subject to subsection (3)) to give it in such manner and on such conditions as he thinks fit.

(3)The Secretary of State must not give a guarantee under this section if the aggregate of—

(a)the amounts that he may be required to pay for fulfilling that guarantee, and

(b)the amounts that he may be required to pay for fulfilling other guarantees previously given under this section and still in force,

exceeds £5 million.

(4)The Secretary of State may by order substitute another amount for the amount for the time being specified in subsection (3).

(5)No order is to be made containing provision authorised by subsection (4) unless a draft of the order has been laid before Parliament and approved by a resolution of the House of Commons.

(6)Immediately after a guarantee is given under this section, the Secretary of State must lay a statement of the guarantee before each House of Parliament.

(7)Where any sum is paid by the Secretary of State under a guarantee given under this section, he must lay a statement relating to that sum before each House of Parliament as soon as practicable after the end of each of the financial years—

(a)beginning with the one in which the sum is paid; and

(b)ending with the one in which OFCOM’s liabilities under subsection (8) in respect of that sum are finally discharged.

(8)If sums are paid by the Secretary of State in fulfilment of a guarantee given under this section OFCOM must pay him—

(a)such amounts in or towards the repayment to him of those sums as he may direct; and

(b)interest, at such rates as he may determine, on amounts outstanding under this subsection.

(9)Payments to the Secretary of State under subsection (8) must be made at such times and in such manner as he may determine.

Commencement Information

I1S. 29 in force at 18.9.2003 by S.I. 2003/1900, art. 2(2), Sch. 2

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?