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Scotland Act 1998

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This is the original version (as it was originally enacted).

68Borrowing by statutory bodies

(1)If a member of the Scottish Executive lends money to a body established under any enactment, the rate of interest on the loan shall not be less than the lowest rate determined by the Treasury under section 5 of the [1968 c. 13.] National Loans Act 1968 in respect of similar loans made out of the National Loans Fund on the day the loan is made.

(2)A body established under any enactment shall not, in pursuance of a power conferred by virtue of an Act of the Scottish Parliament, borrow money in a currency other than sterling except with the consent of the Scottish Ministers given with the approval of the Treasury.

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