Civil Aviation Act 1971

19 (1) In section 7 of that Act (which relates to the borrowing powers of the corporations), in subsection (1) for the words " sections 16 and 22 of this Act" there shall be substituted the words "section 46 of the Civil Aviation Act 1971" and for the words from " as " to " discharging " there shall be substituted the words "in sterling or other currencies as the corporation may require for performing".

(2) For subsection (2) of that section there shall be substituted the following subsections—

“(1A) The Board shall not give its consent in pursuance of the preceding subsection for any borrowing except either with the consent of the Secretary of State given with the approval of the Treasury or in accordance with a general authority issued to it by the Secretary of State with the said approval.

(2) Each of the corporations may borrow from the Board such sums as the corporation may require for performing their functions.”

(3) In subsection (3) of that section after the word "with" there shall be inserted the words "the consent of the Secretary of State given with" and for the words from " required " onwards there shall be substituted the words "required by the corporation for performing their functions".

(4) Any sum borrowed in pursuance of any provision of the said section 7 and outstanding at the time when the preceding sub-paragraphs come into force shall after that time be deemed to be duly borrowed in pursuance of that provision of that section as modified by those sub-paragraphs.