Crown Agents Act 1979

18 Borrowing powers of Crown Agents and their wholly owned subsidiaries

(1) Subject to section 19, the Crown Agents may borrow money in accordance with the provisions of subsections (2) to (5), and not otherwise.

(2) The Crown Agents may borrow temporarily, by way of overdraft or otherwise—

(a) in sterling from the Minister; or

(b) with the consent of the Minister or in accordance with any general authority given by him, in sterling or a currency other than sterling from a person other than the Minister,

such sums as the Crown Agents may require for meeting their obligations and performing their functions or for enabling any of their wholly owned subsidiaries to meet the obligations and perform the functions of that subsidiary.

(3) The Crown Agents may borrow, otherwise than by way of temporary loan—

(a) in sterling from the Minister ; or

(b) with the consent of the Minister, in sterling from the Commission of the European Communities or the European Investment Bank or in a currency other than sterling from a person other than the Minister,

such sums as the Crown Agents may require for any of the purposes mentioned in subsection (2).

(4) The Minister shall not give any consent or authority under subsection (2) or (3) except with the approval of the Treasury.

(5) The Crown Agents may borrow from any of their wholly owned subsidiaries without any consent, approval or other authority.

(6) It shall be the duty of the Crown Agents to secure that no wholly owned subsidiary of theirs borrows money otherwise than from the Crown Agents or another wholly owned subsidiary of the Crown Agents.

(7) References in this and the following section to borrowing by the Crown Agents or by a subsidiary of theirs do not include—

(a) receiving money in the capacity of an agent or in the capacity of the provider of any goods or services ; or

(b) in the case of any sum received by the Crown Agents as agents, making use of it for the Crown Agents own benefit as mentioned in section 5(4).