26 Finances of Highlands and Islands Enterprise.S
(1)The Secretary of State may F1. . .make such grants to Highlands and Islands Enterprise as appear to him to be required to enable the body to meet the expenses it incurs in the exercise of its functions and powers.
(2)Any grant under subsection (1) above may be subject to such conditions as the Secretary of State thinks fit to impose.
(3)For the purposes of the exercise of any of its functions or powers, Highlands and Islands Enterprise may, with the consent of the Secretary of State F1. . ., borrow money.
[F2(3A)In any financial year the net amount of sums borrowed shall not exceed the amount specified for that year for the purposes of this section in a Budget Act.
(3B)In subsection (3A) above, “net amount” means the amount of sums borrowed in the financial year less any repayments made during that year (otherwise than by way of interest) in respect of sums borrowed in that or any other year.]
(4)No security shall be constituted over land owned by Highlands and Islands Enterprise.
Textual Amendments
F1Words in s. 26(1)(3) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 100(6), Part IV
F2S. 26(3A)(3B) inserted (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 4(3); S.S.I. 2000/10, art. 2(3)