(1)The NDA has no power to borrow money except in accordance with this section.
(2)The NDA may borrow from the Secretary of State, and the Secretary of State may lend to the NDA, sums in sterling that it requires for or in connection with the carrying out of its functions.
(3)Where a loan is made to the NDA by the Secretary of State—
(a)the loan must be repaid to him at such times and by such methods as he may determine; and
(b)interest on the loan must be paid to him at such rates and at such times as he may determine;
and nothing in section 22(3) requires the repayment of sums received by way of such a loan otherwise than in accordance with a determination under this subsection.
(4)The NDA may also borrow temporarily (by overdraft or otherwise) from persons other than the Secretary of State sums in sterling that it requires for or in connection with the carrying out of its functions.
(5)The consent of the Secretary of State is required for borrowing under subsection (4).
(6)The approval of the Treasury is required—
(a)for a loan to the NDA by the Secretary of State;
(b)for a determination by the Secretary of State under subsection (3); and
(c)for a consent by the Secretary of State to any borrowing under subsection (4).
(7)The powers conferred by this section are subject to section 24.
Commencement Information
I1S. 23 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1