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Development of Inventions Act 1967

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This is the original version (as it was originally enacted).

7Exchequer advances

(1)The Minister with the consent of the Treasury may out of moneys provided by Parliament make advances to the Corporation within the limit specified in the next following subsection.

(2)The aggregate amount outstanding in respect of any advances made under this section shall not at any time exceed £25 million.

(3)The Corporation shall make to the Minister at such times and in such manner as the Minister may with the approval of the Treasury direct—

(a)payments of such amounts as the Minister may with the like approval direct in or towards repayment of advances made to the Corporation under this section; and

(b)payments of interest on any sums for the time being outstanding in respect of such advances at such rate as the Minister may with the like approval direct.

(4)Different rates of interest may be directed under this section as respects different advances and as respects interest for different periods.

(5)Sums received by the Minister under this section shall be paid into the Exchequer.

(6)The Minister shall lay before each House of Parliament a statement of any payment due from the Corporation under this section which is not duly paid to him as required thereunder.

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