9(1)The Commission may borrow—E+W
(a)from the Secretary of State, or
(b)temporarily (by way of overdraft or otherwise) and with his consent, from any other person,
such sums as it may require for the purpose of meeting its obligations and discharging its functions.
(2)The aggregate amount outstanding in respect of the principal of any sums borrowed by the Commission under sub-paragraph (1) shall not exceed £4 million or such greater sum, not exceeding £20 million, as the Secretary of State may from time to time by order specify.
(3)The Secretary of State may lend to the Commission any sums which it has power to borrow under sub-paragraph (1)(a); and the Treasury may issue to the Secretary of State out of the National Loans Fund any sums necessary to enable him to make loans under this sub-paragraph.
(4)Loans made under sub-paragraph (3) shall be repaid to the Secretary of State at such times and by such methods, and interest on the loans shall be paid to him at such times and at such rates, as he may from time to time determine.
(5)All sums received by the Secretary of State under sub-paragraph (4) shall be paid into the National Loans Fund.
(6)The Secretary of State shall prepare, in respect of each financial year and in such form as the Treasury may direct, an account—
(a)of any sums issued to him under sub-paragraph (3) or received by him under sub-paragraph (4), and
(b)of the disposal by him of any sums so received,
and shall send the account to the Comptroller and Auditor General not later than the end of the month of [F1June] following the financial year to which it relates; and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament.
(7)Any consent, loan or determination by the Secretary of State under this paragraph shall require the approval of the Treasury.
Textual Amendments
F1Word in Sch. 1 para. 9(6) substituted (18.11.2003) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 65(a); S.I. 2003/2938, art. 2(a) (with art. 8, Sch.)