(1)The Secretary of State may lend money to the MMO.
(2)A loan under this section may be made subject to such conditions as may be determined by, or in accordance with arrangements made by, the Secretary of State.
(3)The conditions must include provision with respect to—
(a)repayment of the loan at such times, and by such methods, as the Secretary of State may from time to time determine, and
(b)payment of interest on the loan at such rates, and at such times, as the Secretary of State may from time to time determine.
(4)The Treasury may issue to the Secretary of State out of money provided by Parliament such sums as are necessary to enable the Secretary of State to make loans under this section.
(5)The Secretary of State must, in respect of each financial year,—
(a)prepare an account of any sums lent or received in pursuance of this section during the year, and
(b)send that account to the Comptroller and Auditor General before the end of September in the following financial year.
(6)The Comptroller and Auditor General must—
(a)examine, certify and report on each account sent under subsection (5), and
(b)send a copy of the certified account and of the report to the Secretary of State as soon as possible;
and the Secretary of State must lay before each House of Parliament a copy of the certified account and of the report.
Commencement Information
I1S. 35 in force at 12.1.2010 by S.I. 2009/3345, art. 2, Sch. para. 5