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Scotland Act 1998

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This is the original version (as it was originally enacted).

66Borrowing by the Scottish Ministers etc

(1)The Scottish Ministers may borrow from the Secretary of State any sums required by them for the purpose of—

(a)meeting a temporary excess of sums paid out of the Scottish Consolidated Fund over sums paid into that Fund, or

(b)providing a working balance in the Fund.

(2)Amounts required for the repayment of, or the payment of interest on, sums borrowed under this section shall be charged on the Fund.

(3)Sums borrowed under this section shall be repaid to the Secretary of State at such times and by such methods, and interest on them shall be paid to him at such rates and at such times, as the Treasury may from time to time determine.

(4)A member of the Scottish Executive may borrow money only under this section or under any power conferred by any other Act of Parliament.

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