1 Loans for capital purposes.
1
Subject to subsection (2) below, the Secretary of State may with the approval of the Treasury advance to the Consolidated Fund of Northern Ireland by way of loan any sum or sums for the purposes of any expenditure which, in the opinion of the Secretary of State, is of a capital nature.
2
The aggregate amount outstanding by way of principal in respect of loans under—
a
the previous enactments; and
b
this section,
shall not exceed F1£3,000 million.
3
In this Act “the previous enactments” means—
a
b
section 35 of the M3Finance Act 1970 (which, as amended by section 1 of the M4Northern Ireland (Financial Provisions) Act 1972 and the M5Northern Ireland Loans (Increase of Limit) Order 1975, provides for loans to the Consolidated Fund of Northern Ireland subject to a limit of £450 million on the total amount advanced.
4
After the commencement of this Act no further loans shall be made under section 35 of the M6Finance Act 1970.
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6
The Secretary of State shall not make an order under subsection (5) above unless a draft of the order has been approved by a resolution of the House of Commons.
7
Any loan made by the Secretary of State in pursuance of this section shall be repaid to him at such times and by such methods, and interest on the loan shall be paid to him at such rates and at such times, as he may with the approval of the Treasury from time to time determine.
8
The Treasury may issue out of the National Loans Fund to the Secretary of State such sums as are necessary to enable him to make loans in pursuance of subsection (1) above and any sums received by the Secretary of State in pursuance of subsection (7) above shall be paid into that Fund.