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Sea Fish Industry Act 1970
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33Borrowing power of the Board
(1)The Board shall have power to borrow, subject to and in accordance with regulations made by the Ministers with the approval of the Treasury, any sums required by them for the purpose of their functions under this Part of this Act or a scheme in force thereunder, so long as the amount outstanding at any time of the principal sums borrowed under this section and section 7 of the [1935 c. 9.] Herring Industry Act 1935 does not exceed £4 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 Board under subsection (1) above may be raised from time to time, by an amount not exceeding £500,000 at any one time, by an order made by the Ministers with the approval of the Treasury.
(3)An order under this section shall be of no effect unless it is approved by a resolution of the Commons House of Parliament.
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