Valid from 01/04/2007
122Lending by Secretary of StateU.K.
(1)The Treasury may issue to the Secretary of State out of the National Loans Fund such sums as the Secretary of State needs for making loans under section 121.
(2)The aggregate outstanding in respect of the principal of sums borrowed under that section must not exceed £500 million.
(3)The Secretary of State may by order made with the consent of the Treasury substitute for the amount for the time being specified in subsection (2) such greater amount as is specified in the order.
(4)No order is to be made under subsection (3) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
(5)Sums received by the Secretary of State under section 121(2) must be paid into the National Loans Fund.