Development Board for Rural Wales
12Limit on public money made available to the Board
1
The aggregate amount outstanding, otherwise than by way of interest, in respect of—
a
sums borrowed by the Board under section 9 of this Act;
b
sums issued by the Treasury in fulfilment of guarantees under section 10 of this Act; and
c
sums paid to the Board by the Secretary of State under section 11 of this Act;
shall not exceed the limit specified in subsection (2) below.
2
The said limit is £25 million, but the Secretary of State may by order made with the consent of the Treasury raise the limit to £40 million.
3
No order shall be made under subsection (2) above unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.