Temporary restrictions on borrowings, etc.
62.—(1) If articles of association of the successor company confer on the Department powers exercisable with the consent of the Department of Finance and Personnel for, or in connection with, restricting the sums of money which may be borrowed or raised by the group during any period, those powers shall be exercisable in the public interest notwithstanding any rule of law or any statutory provision.
(2) For the purposes of this Article an alteration of the articles of association of the successor company shall be disregarded if the alteration—
(a)has the effect of conferring or extending any such power as is mentioned in paragraph (1); and
(b)is made at a time when that company has ceased to be wholly owned by the Crown.
(3) In this Article “the group” means the successor company and all of its subsidiaries taken together.