(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 [F1section 121(1)] 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 F2... amount as is specified in the order.
[F3(3A)An amount substituted under subsection (3) may be more or less than the amount for which it is substituted but may not be less than £500 million.]
(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.
Textual Amendments
F1Words in s. 122(2) substituted (1.1.2017) by Wales Act 2014 (c. 29), ss. 20(7), 29(5)(a); S.I. 2016/1264, art. 2
F2Word in s. 122(3) omitted (1.1.2017) by virtue of Wales Act 2014 (c. 29), ss. 20(8), 29(5)(a); S.I. 2016/1264, art. 2
F3S. 122(3A) inserted (1.1.2017) by Wales Act 2014 (c. 29), ss. 20(9), 29(5)(a); S.I. 2016/1264, art. 2