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The Laganside Development(Northern Ireland) Order 1989


This is the original version (as it was originally made).

Borrowing by the Corporation

7.—(1) The Corporation may, with the approval of the Department, borrow money.

(2) The Corporation shall be a public body for the purposes of Part III of, and Schedule 1 to, the Financial Provisions (Northern Ireland) Order 1983(1) (government loans).

(3) The aggregate of the amounts of principal outstanding in respect of money borrowed under this Article shall not at any time exceed £10 million or such greater sum as the Department may by order made with the approval of the Department of Finance and Personnel specify.

(4) The Department may, with the approval of the Department of Finance and Personnel, guarantee, in such manner and subject to such conditions as it thinks fit, the repayment of the principal of, and the payment of interest on, any sums borrowed by the Corporation under this Article.

(5) Any sums required by the Department for fulfilling a guarantee under paragraph (4) shall be charged on and issued out of the Consolidated Fund, and for the purpose of providing for such issues the Department of Finance and Personnel may borrow money.

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