Miscellaneous other amendments of the 1975 Act
14 Increase in the Board’s borrowing limit.
1
Section 1 of the 1975 Act (which makes provision for the financing of the Board’s expenditure in performing their functions) shall be amended as follows.
2
In subsection (4) (limit on amount outstanding in respect of principal of money borrowed by the Board), for “£10 million” there shall be substituted “
£40 million
”
.
3
After that subsection there shall be inserted—
4A
The Secretary of State may by order made by statutory instrument amend subsection (4) above by substituting a different figure for the figure for the time being specified there.
4B
An order made under this section may be revoked by a subsequent order so made.
4C
Any statutory instrument containing an order under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.
15 Transfer of insurance business to authorised friendly society.
1
In section 11(5)(a) of the 1975 Act (powers of the Board in relation to the transfer of the long term business of a company in liquidation), after “another insurance company to which this Act applies” there shall be inserted “
or an authorised friendly society
”
.
2
In section 16(3) of that Act (corresponding provision in relation to companies in financial difficulties), after “another insurance company to which this Act applies” there shall be inserted “
or an authorised friendly society
”
.