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Local Government, Planning and Land Act 1980
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Changes over time for: Cross Heading: Guarantees
Version Superseded: 25/07/2006
Alternative versions:
- 01/02/1991- Amendment
- 01/04/1998
Point in time - 25/07/2006- Amendment
- 01/04/2007- Amendment
Status:
Point in time view as at 01/04/1998.
Changes to legislation:
Local Government, Planning and Land Act 1980, Cross Heading: Guarantees is up to date with all changes known to be in force on or before 09 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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GuaranteesE+W+S
5(1)The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of [F1the payment of interest on and the discharge of any other financial obligation in connection with] any sums which a corporation borrows from a person or body other than the Secretary of State.E+W+S
(2)Immediately after a guarantee is given under this paragraph, the Treasury shall lay a statement of the guarantee before each House of Parliament; and where any sum is issued for fulfilling a guarantee so given, the Treasury shall lay before each House of Parliament a statement relating to that sum, as soon as possible after the end of each financial year, beginning with which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged.
(3)Any sums required by the Treasury for fulfilling a guarantee under this paragraph shall be charged on and issued out of the Consolidated Fund.
(4)If any sums are issued in fulfilment of a guarantee given under this paragraph, the corporation shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct, payments of such amounts as the Treasury so direct in or towards repayment of the sums so issued and payments of interest, at such rates as the Treasury so direct, on what is outstanding for the time being in respect of sums so issued.
(5)Any sums received by the Treasury in pursuance of sub-paragraph (4) above shall be paid into the Consolidated Fund.
Textual Amendments
F1Words substituted by virtue of Miscellaneous Financial Provisions Act 1983 (c. 29, SIF 99:1), s. 4(1), Sch. 2
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