Statutory Corporations (Financial Provisions) Act 1974

2 After section 42 of that Act there shall be inserted the following section:—

“42A Other borrowing powers of development corporations and Commission.

(1) A development corporation or the Commission may borrow temporarily, by way of overdraft or otherwise, either—

(a) in sterling from the Secretary of State, or

(b) with the consent of the Secretary of State and the approval of the Treasury, or in accordance with any general authority given by the Secretary of State with the approval of the Treasury, in any currency from any other person,

such sums as the development corporation or the Commission (as the case may be) may require for meeting their obligations or performing their functions.

(2) With the consent of the Secretary of State and the approval of the Treasury, a development corporation or the Commission may borrow, otherwise than by way of temporary loan,—

(a) in any currency from the Commission of the European Communities or from the European Investment Bank, or

(b) in any currency other than sterling from any person, other than the Secretary of State and the bodies mentioned in the preceding paragraph,

such sums as they may require for enabling them to meet expenditure properly chargeable to capital account (including the provision of working capital), or to make good to revenue account sums applied in meeting liabilities so chargeable.”