Welsh Development Agency Act 1975

18 Finances of the Agency. E+W+S

(1) Schedule 3 to this Act shall have effect.

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

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

(b) sums issued by the Treasury in fulfilment of guarantees under paragraph 6 of Schedule 3 below and not repaid to the Treasury;

(c) sums paid to the Agency by the Secretary of State out of money provided by Parliament less repayments to the Secretary of State by the Agency and less such sums paid in respect of the administrative expenses of the Agency;

(d) loan guaranteed by the Agency . . . F1 ;

shall not exceed the limit specified in subsection (3) below.

(3) The said limit shall be [F2 £950 million] . . . F1

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(5) In subsection (2) above “general external borrowing” means—

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

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

(ii) any sums mentioned in subsection (2)(b) above; . . . F4

(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

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

but does not include any debt assumed by the Agency under paragraph 7(1) of Schedule 3 to this Act.

Textual Amendments

F1 Words repealed by Industry Act 1980 (c. 33, SIF 64), ss. 21(1), 22, Sch. 2

F2 Words in s. 18(3) substituted by Welsh Development Agency Act 1991 (c. 69, SIF 64) s. 1

F3 S. 18(4) repealed by Industry Act 1980 (c. 33, SIF 64), ss. 21(1), 22, Sch. 2

F4 S. 18(5)(a)(iii) and word “or” immediately preceding it repealed by Industry Act 1980 (c. 33, SIF 64), ss. 21(1), 22, Sch. 2