Sea Fish Industry Act 1970

22 Exchequer loans to Authority

(1) The Ministers may advance to the Authority, on such terms as the Treasury may approve, any sums required to be borrowed by the Authority for a purpose approved by the Ministers and the Treasury, so long as the amount outstanding at any time of the sums advanced under this section and section 17 of the [1951 c. 30.] Sea Fish Industry Act 1951 does not exceed £30 million, or such greater sum as may be specified by an order for the time being in force under subsection (3) below; but no such advance—

(a) if it is for the purpose of enabling the Authority to give financial assistance by way of loan, shall be made unless the application for that assistance is approved by the Authority before the end of the year 1972, or

(b) in any other case, shall be made after the end of the year 1972.

(2) Subsection (1) above shall not be construed as extending the powers of the Authority to borrow money under section 18 of this Act.

(3) The limit on the amount outstanding at any time of the sums advanced to 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.

(4) An order under this section shall be of no effect unless it is approved by a resolution of the Commons House of Parliament.

(5) Any sums received by the Ministers by way of interest on or repayment of any advances under this section shall, subject to section 24(2) of this Act, be paid into the Consolidated Fund.

(6) Where the exercise by the Authority of any of their powers involves the expenditure of money advanced to them by the Ministers under subsection (1) above, the powers shall not be exercised except in accordance with arrangements approved by the Ministers and the Treasury, and, if the arrangements relate to Wales, by the Ministers, the Secretary of State concerned with the sea fishing industry in Wales and the Treasury, and the Authority's statement of accounts for any financial year shall deal specially with the application during that year of any money so advanced.