(1)The Secretary of State may by order provide for a limit on the borrowing that C4C is allowed to undertake.
(2)The order may fix the limit either—
(a)by specifying the sum which the outstanding borrowing of C4C must not at any time exceed; or
(b)by providing a method of determining the sum which that borrowing must not exceed.
(3)C4C are not to borrow money if the effect of the borrowing would be to cause the amount of their outstanding borrowing to be, or to remain, in excess of the limit (if any) that is for the time being in force.
(4)For the purposes of this section the amount of C4C’s outstanding borrowing at any time is the aggregate amount outstanding at that time in respect of the principal of sums borrowed by them, but after allowing sums borrowed to repay existing loans to be applied for that purpose.
(5)Before making an order under this section, the Secretary of State must consult C4C.
(6)The consent of the Treasury is required for the making of an order under this section.