Commonwealth Development Corporation Act 1999

8 Old loans, advances and guarantees

(1) This section applies to—

(a) loans made under section 9(1A) of the Commonwealth Development Corporation Act 1978 (borrowing powers of Corporation),

(b) advances made under section 10 of that Act (advances by Secretary of State), and

(c) guarantees given under section 11 of that Act (guarantees by Treasury and Secretary of State).

(2) Any determination or direction made before registration by the Secretary of State under section 9(1B) or 12 of the 1978 Act (payments in respect of loans, advances and guarantees)—

(a) shall continue to have effect after registration notwithstanding section 5(2) of this Act, and

(b) in the case of directions under section 12, may after registration be varied by the Secretary of State with the consent of the Corporation.

(3) The Secretary of State shall lay before each House of Parliament a statement of any payment required by virtue of subsection (2) which is not made as required.

(4) Notwithstanding section 5(2), section 9(3A) of the 1978 Act (loans: accounts) shall continue to have effect in relation to a financial year during which any determination under section 9(1B) continues to have effect.

(5) Section 5(2) shall not prevent any guarantee given under section 11(1) or (1A) of the 1978 Act from continuing to have effect after registration; and section 11(3), (3A) and (4) of the 1978 Act shall continue to have effect in relation to a guarantee given under section 11(1) or (1A).