Welsh Development Agency Act 1975

18 Finances of the Agency

(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 wholly owned 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) loans guaranteed by the Agency otherwise than under section 12 above;

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

(3) The said limit shall be £100 million but the Secretary of State may by order made with the consent of the Treasury raise the limit to £150 million.

(4) Such an order shall not be made unless a draft of it has been approved by resolution of the House of Commons.

(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 wholly owned subsidiaries at the time of the loan ;

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

(iii) sums borrowed by the Agency for the purpose of giving assistance under section 12 above ; and

(b) in relation to a wholly owned subsidiary of the Agency, sums borrowed by it when it was such a subsidiary other than sums borrowed from the Agency or from another wholly owned subsidiary,

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