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Commonwealth Development Corporation Act 1999

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This is the original version (as it was originally enacted).

9New loans

This section has no associated Explanatory Notes

(1)The Secretary of State may make loans of money provided under subsection (2) to—

(a)the Corporation, or

(b)a company associated with the Corporation,

at any time while the Corporation is wholly owned by the Crown.

(2)The Treasury may issue to the Secretary of State out of the National Loans Fund sums required for loans under this section.

(3)Loans under this section shall be made on terms which require repayment to the Secretary of State—

(a)at such times,

(b)by such methods, and

(c)with interest paid at such rates and at such times,

as the Secretary of State shall determine from time to time.

(4)Sums received by the Secretary of State by virtue of subsection (3) shall be paid into the National Loans Fund.

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