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Transport Act 1962

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21 Treasury guarantees. U.K.

(1)The Treasury may guarantee, in such manner and on such conditions as they may think fit, the repayment of the principal of, [F1the payment of interest on and the discharge of any other financial obligation in connection with], any sums which a Board [F2other than the British Waterways Board] borrow from a person other than the Minister in exercise of their powers under . . . F3 section nineteen of this Act.

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

(3)Any sums required by the Treasury for fulfilling any guarantee under this section shall be charged on and issued out of the Consolidated Fund.

(4)If any sums are issued in fulfilment of any guarantee given under this section in favour of a Board, that Board shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct, payments of such amounts as the Treasury may so direct in or towards repayment of the sums so issued, and payments of interest on what is outstanding for the time being in respect of sums so issued at such rate as the Treasury may so direct.

(5)Any sums received by the Treasury under the last foregoing subsection shall be paid into the Exchequer.

Textual Amendments

Modifications etc. (not altering text)

C1Ss. 18-21, 24 extended by Transport Act (c. 73), s. 27(1)

C2Ss. 19-21A: power conferred (6.1.1994) by 1993 c. 43, s. 110(1)(2)

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