(1)The Treasury may guarantee, in such manner and on such conditions as they think fit, the redemption or repayment of, and the payment of any interest on.—
(a)any British Electricity Stock, or
(b)any temporary loan raised by the Electricity Council, the Generating Board or any Area Board.
(2)Any sums required by the Treasury for fulfilling any guarantee given under the preceding subsection, or under section forty-two of the principal Act, shall be charged on and issued out of the Consolidated Fund; and all such sums, together with interest thereon at such rate as the Treasury may determine, shall be repaid to the Treasury by the Electricity Council in such manner and over such period as the Treasury, after consultation with the Minister, may determine.
(3)Immediately after a guarantee is given under this section, the Treasury shall lay a statement of the guarantee before each House of Parliament.
(4)Where any sum is issued out of the Consolidated Fund under this section, the Treasury shall forthwith lay before each House of Parliament a statement that that sum has been issued.
(5)Any sums repaid to the Treasury under subsection (2) of this section shall be paid into the Exchequer.