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(1)The Authority shall have power, subject to and in accordance with regulations made by the Ministers with the approval of the Treasury, for the purpose of financing the discharge of their functions, to borrow up to such amount as the Treasury may approve, so long as the amount outstanding at any time of the sums borrowed under this section and section 15 of the [1951 c. 30.] Sea Fish Industry Act 1951 does not exceed £30 million or such greater amount as may be specified by an order for the time being in force under subsection (2) below.
(2)The limit on the amount outstanding at any time of the sums borrowed by the Authority under subsection (1) above may be raised from time to time, by an amount not exceeding £5 million at any one time, by an order made by the Ministers with the approval of the Treasury.
(3)An order under subsection (2) above shall be of no effect unless it is approved by a resolution of the Commons House of Parliament.
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