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Regional Development Agencies Act 1998

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This is the original version (as it was originally enacted).

13Government loans

(1)The Secretary of State may, with the approval of the Treasury, lend to a regional development agency any sums which it has power to borrow under section 11(4).

(2)Any loan made under this section shall be repaid to the Secretary of State at such times and by such methods, and interest on the loan 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 determine.

(3)If in any financial year the Secretary of State lends any sums to a regional development agency under this section, he shall—

(a)prepare in respect of that financial year an account of the sums so lent by him, and

(b)send that account to the Comptroller and Auditor General before the end of September in the following financial year,

and the form of the account and the manner of preparing it shall be such as the Treasury may direct.

(4)The Comptroller and Auditor General shall examine, certify and report on each account sent to him under this section and shall lay copies of it and of his report before each House of Parliament.

(5)The Treasury may issue to the Secretary of State out of the National Loans Fund such sums as are necessary to enable him to make loans to a regional development agency under this section; and any sums received by the Secretary of State in pursuance of subsection (2) shall be paid into the National Loans Fund.

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