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The Financial Provisions (Northern Ireland) Order 1993

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The Financial Provisions (Northern Ireland) Order 1993, Section 6 is up to date with all changes known to be in force on or before 21 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation


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Borrowing by fundsN.I.

6.—(1) No amount shall be paid into a trading fund by way of loan except in accordance with this Article.

(2) Subject to paragraph (6), the authorised lender may issue by way of loan to a trading fund sums required for the funded operations.

(3) Sums issued under this Article shall be repaid out of the fund on such terms, and interest on them shall be paid at such variable or fixed rates and at such times, as the Department of Finance and Personnel may determine.

(4) In the case of any trading fund where the authorised lender is a department, repayment of any amount outstanding in respect of the principal of any sum issued under this Article (other than repayment before the due date) may be made to the department instead of into the Consolidated Fund and applied by the department as money appropriated by Measure.

[F1(5) The order establishing a trading fund shall provide that the aggregate of the following shall not exceed the maximum specified in the order—

(a)the total outstanding at any given time in respect of amounts issued to the fund under this Article (other than as originating debt), and

(b)the total at that time constituting public dividend capital issued to the fund under Article 5(2);

and that maximum (or that maximum as varied by a subsequent order) shall be observed accordingly.]

F1(6) The sum of the maxima in force in respect of all trading funds at any time shall not exceed £50 million.

(7) The Department of Finance and Personnel may by order increase or further increase the limit in paragraph (6) by any amount, not exceeding £25 million, specified in the order but not so as to make the limit exceed £100 million.

(8) No order under paragraph (7) shall be made unless a draft of the order has been laid before and approved by a resolution of the Assembly.

F11995 NI 16

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