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Offshore Petroleum Development (Scotland) Act 1975

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17 Financial provisions.S

(1)There shall be defrayed out of moneys provided by Parliament—

(a)any expenses incurred by the Secretary of State under this Act;

(b)any increase attributable to this Act in the sums payable out of money so provided under any other Act;

and any sums received by the Secretary of State by virtue of this Act shall be paid into the Consolidated Fund.

(2)The aggregate of—

(a)expenditure of the Secretary of State under section 10 of this Act, plus

(b)loans by the Secretary of State under section 11 of this Act, plus

(c)liabilities of the Secretary of State under any guarantees given by him under the said section 11 (exclusive of any liability in respect of interest on a principal sum so guaranteed),

less any sums received by the Secretary of State—

(i)in respect of the recovery of expenditure incurred by him under the said section 10, and

(ii)by way of repayment of loans under the said section 11, and

(iii)by way of repayment of principal sums paid to meet guarantees under the said section 11,

shall not at any time exceed £40 million.

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