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Commonwealth Development Corporation Act 1999

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This is the original version (as it was originally enacted).

10New guarantees

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(1)The Treasury may guarantee the discharge of any financial obligation incurred by the Corporation (before or after registration).

(2)Subsection (1) does not apply to obligations in connection with sums borrowed from—

(a)the Secretary of State, or

(b)a company which is associated with the Corporation.

(3)The Secretary of State may guarantee the discharge of any financial obligation incurred (before or after registration) by a company which is associated with the Corporation.

(4)Subsection (3) does not apply to obligations in connection with sums borrowed from—

(a)the Corporation, or

(b)a company which is associated with the Corporation.

(5)A guarantee under subsection (1) or (3) may be given only while the Corporation is wholly owned by the Crown (although it may continue to have effect when the Corporation is not wholly owned by the Crown).

(6)A guarantee under subsection (1) or (3) may be given on such terms and in such manner as the Treasury or the Secretary of State may determine.

(7)A guarantee under subsection (1) or (3) may not be given unless the Treasury or the Secretary of State has entered into arrangements under which the Corporation or an associated company will be liable to make payments (including payments of interest) in respect of sums issued in fulfilment of the guarantee.

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