Crown Agents Act 1979

20 Grants and loans by Minister

(1) The Minister may, with the approval of the Treasury—

(a) make to the Crown Agents out of money provided by Parliament grants of such amounts as the Minister thinks fit;

(b) give the Crown Agents directions providing that the whole or part of a grant made under paragraph (a) is not to be used by them otherwise than—

(i) for the purposes of such of their functions as are specified in the directions or as the Minister may, with the approval of the Treasury, from time to time determine; and

(ii) in accordance with such conditions as are so specified or as the Minister may, with the like approval, from time to time determine.

(2) The Minister may, with the approval of the Treasury, lend to the Crown Agents any sums which they have power to borrow from him under section 18 ; and the Treasury may issue to the Minister out of the National Loans Fund any sums necessary to enable him to make loans under this subsection.

(3) Any loans made under subsection (2) shall be repaid to the Minister at such times and by such methods, and, subject to subsection (4), interest thereon shall be paid to him at such rates and at such times, as he may from time to time determine.

(4) In the case of any loan made to the Crown Agents under subsection (2) in the initial period, being a loan obtained by them for the purpose of repaying the whole or part of their commencing capital debt—

(a) interest on that loan or any portion thereof shall be payable for any part of the initial period only if the Minister so determines ; and

(b) for any part of that period for which interest on that loan or any portion thereof is payable, the rate of interest shall be such as the Minister may from time to time determine.

(5) The approval of the Treasury shall be required for any determination by the Minister under subsection (3) or (4); but, in the case of a loan to which subsection (4) applies, section 5(2) of the [1968 c. 13.] National Loans Act 1968 (criteria for fixing or approving rates of interest) shall not apply to approval by the Treasury of a rate of interest on that loan or any portion thereof for any part of the initial period.

(6) All sums received by the Minister under subsection (3) or (4) shall be paid into the National Loans Fund.

(7) In respect of each financial year the Minister shall prepare, in such form as the Treasury may direct, an account of—

(a) any sums issued to him under subsection (2) or received by him under subsection (3) or (4); and

(b) any sums received by him by way of interest on, or repayment of, the Crown Agents' commencing capital debt,

and the disposal by him of any sums so received, and shall send the account to the Comptroller and Auditor General not later than the end of the month of November following the financial year to which it relates; and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament.

(8) For the purposes of this section " the initial period " has the same meaning as it has for the purposes of section 17.