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Oil and Pipelines Act 1985
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- UK Public General Acts
- 1985 c. 62
- SCHEDULE 3
- Loans by Secretary of...
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Loans by Secretary of StateU.K.
3(1)The Secretary of State may, with the approval of the Treasury, lend to the Agency any sums which it has power to borrow under paragraph 1 above.U.K.
(2)Any loans which the Secretary of State makes under this paragraph shall be repaid to him at such times and by such methods and interest thereon 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 direct.
(3)The Treasury may issue out of the National Loans Fund to the Secretary of State such sums as are required by him for making loans under this paragraph.
(4)Any sums received under sub-paragraph (2) above by the Secretary of State shall be paid into the National Loans Fund.
(5)It shall be the duty of the Secretary of State as respects each financial year—
(a)to prepare, in such form as the Treasury may direct, an account of sums issued to him in pursuance of sub-paragraph (3) above or required to be paid into the National Loans Fund in pursuance of sub-paragraph (4) above and of the disposal of those sums by him; and
(b)to send the account to the Comptroller and Auditor General not later than the end of the month of August next following that year;
and the Comptroller and Auditor General shall examine, certify and report on the account and shall lay copies of it and of his report on it before each House of Parliament.
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