Water Act 1989

184 Government guarantees. E+W

(1) This section applies in relation to any guarantee given by the Secretary of State under section F1 . . . 84(2) above F1 . . ..

(2) Immediately after a guarantee to which this section applies is given, the guarantor shall lay a statement of the guarantee before each House of Parliament; and where any sum is paid out for fulfilling such a guarantee the guarantor shall, as soon as possible after the end of each financial year (beginning with that in which the sum is paid out and ending with that in which all liability in respect of the principal of the sum and in respect of the interest thereon is finally discharged), lay before each House of Parliament a statement relating to that sum.

(3) Any sums required by the Secretary of State F1 . . . for fulfilling a guarantee to which this section applies shall be paid out of money provided by Parliament.

(4) F1 . . . if any sums are paid out in fulfilment of a guarantee to which this section applies, the relevant person shall make to the guarantor, at such times and in such manner as the guarantor may from time to time direct—

(a) payments of such amounts as the guarantor may so direct in or towards repayment of the sums so paid out; and

(b) payments of interest, at such rate as the guarantor may so direct, on what is outstanding for the time being in respect of sums so paid out;

and the consent of the Treasury shall be required for the giving of a direction under this subsection.

(5) Any sums received by the Secretary of State F1 . . . under subsection (4) above shall be paid into the Consolidated Fund.

(6) In subsection (4) above “the relevant person”, in relation to a guarantee, means the person who borrowed the sums in respect of which the guarantee was given.

Textual Amendments

F1 Words in s. 184 repealed by Water Consolidation (Consequential Provisions) Act 1991(c. 60, SIF 130), s. 3, Sch. 3 Pt. I (with s. 2, Sch. 2 paras. 10, 14(1), 15)