(1)The Secretary of State may, with the approval of the Treasury, lend to London Regional Transport any sums which London Regional Transport have power to borrow under section 18(1) or (2) of this Act.
(2)Any loans which the Secretary of State makes under this section shall be repaid to him at such times and by such methods, and interest on any such loans shall be paid to him at such rates and at such times, as he may, with the approval of the Treasury, from time to time direct.
(3)The Treasury may issue out of the National Loans Fund to the Secretary of State such sums as are necessary to enable him to make loans under this section.
(4)Any sums received under subsection (2) above by the Secretary of State shall be paid into the National Loans Fund.
(5)The Secretary of State shall, as respects each financial year, prepare in such form and manner as the Treasury may direct, an account of—
(a)sums issued to him under subsection (3) above ;
(b)sums to be paid into the National Loans Fund under subsection (4) above; and
(c)the disposal by him of those sums respectively ;
and send it to the Comptroller and Auditor General not later than the end of November following the year; and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.