Part I U.K. National Enterprise Board

Limits on Board’s powers U.K.

[F1 8 Financial limits. U.K.

(1) The aggregate amount outstanding, otherwise than by way of interest, in respect of—

(a) the general external borrowing of the Board and their subsidiaries;

(b) sums issued by the Treasury in fulfilment of guarantees under paragraph 4 of Schedule 2 below and not repaid to the Treasury;

(c) sums paid to the Board under paragraph 5(1) of that Schedule;

(d) loans guaranteed by the Board otherwise than under section 3 above;

shall not exceed the limit specified in subsection (2) below.

[F2 (2) The said limit shall be £750 million.]

(2A)—(2C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(4) In subsection (1) above “general external borrowing” means—

(a) in relation to the Board, sums borrowed by them other than—

(i) sums borrowed from a body corporate which is one of the Board’s subsidiaries at the time of the loan;

(ii) any sums mentioned in subsection (1)(b) above; or

(iii) sums borrowed by the Board for the purpose of giving assistance under section 3 above; and

(b) in relation to a subsidiary of the Board, sums borrowed by it (whether or not it was such a subsidiary at the time any such sum was borrowed from the Board or from another subsidiary;

but does not include any debt assumed by the Board under paragraph 6(1) of Schedule 2 below.]

Textual Amendments

F1 S. 8 substituted by virtue of Industry Act 1979 (c. 32, SIF 64), s. 1(7), Sch

F2 S. 8(2) substituted by Industry Act 1981 (c. 6, SIF 64), s. 1(1)

F3 S. 8(2A)–(2C) repealed by Industry Act 1981 (c. 6, SIF 64), Sch.

F4 S. 8(3) repealed by Industry Act 1980 (c. 33, SIF 64), Sch. 2

Modifications etc. (not altering text)

C1 S. 8(2) restricted by Industry Act 1980 (c. 33, SIF 64), s. 5(4)