(1)The NDA may not borrow if the effect would be—
(a)to take the aggregate amount mentioned in subsection (2) over its borrowing limit; or
(b)to increase the amount by which the aggregate amount so outstanding exceeds that limit.
(2)That amount is the aggregate of—
(a)amounts outstanding from the NDA in respect of the principal of sums borrowed by the NDA; and
(b)the amount of every outstanding liability of the NDA that is a liability to which it is subject by virtue of a nuclear transfer scheme and is a liability in respect of the principal of a sum borrowed by another person before the transfer took effect.
(3)The NDA’s borrowing limit is £2,000 million.
(4)The Secretary of State may by order increase the NDA’s borrowing limit.
(5)An order under subsection (4) shall not be made unless a draft of the order has been—
(a)laid before Parliament; and
(b)approved by a resolution of the House of Commons.
(6)The reference in this section to a nuclear transfer scheme includes a reference to a modification agreement (within the meaning of Schedule 5) in relation to such a scheme.
Commencement Information
I1S. 24 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1