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Government of Wales Act 2006
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- UK Public General Acts
- 2006 c. 32
- Part 5
- Borrowing
- Section 122A
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Changes over time for: Section 122A
Version Superseded: 31/03/2017
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- 01/01/2017- Amendment
- 01/01/2017
Point in time - 31/03/2017- Amendment
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Government of Wales Act 2006, Section 122A is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1122ALending for capital expenditureU.K.
This section has no associated Explanatory Notes
(1)The aggregate at any time outstanding in respect of the principal of amounts borrowed under section 121(1A) shall not exceed £500 million.
(2)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 (1) such amount as may be specified in the order.
(3)An amount substituted under subsection (2) 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 (2) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
(5)A person lending money to a member of the Welsh Government—
(a)is not bound to enquire whether the member of the Welsh Government has power to borrow the money, and
(b)is not to be prejudiced by the absence of any such power.
(6)The Welsh Ministers may not mortgage or charge any of their property as security for money which they have borrowed under section 121(1A).
This is subject to section 121(3) (charging of sums on the Welsh Consolidated Fund).
(7)Security given in breach of subsection (6) is unenforceable.]
Textual Amendments
F1S. 122A inserted (1.1.2017) by Wales Act 2014 (c. 29), ss. 20(10), 29(5)(a); S.I. 2016/1264, art. 2
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