Sea Fish Industry Act 1970

35 Exchequer loans to Board

(1) The Ministers may advance to the Board, on such terms as the Treasury may approve, any sums required to be borrowed by the Board for any 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 7(2) of the [1953 c. 17.] White Fish and Herring Industries Act 1953 does not exceed £4 million or such greater amount 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 Board to give financial assistance by way of loan, shall be made unless the application for the assistance is approved by the Board 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 Board to borrow money under section 33 of this Act.

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

(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 37(2) of this Act, be paid into the Consolidated Fund.