33Borrowing powersU.K.
This section has no associated Explanatory Notes
(1)The MMO may borrow money, but only—
(a)in accordance with the following provisions of this section, and
(b)subject to section 34 (limit on borrowing).
(2)The MMO may borrow such sums as it may require for meeting its obligations and carrying out its functions.
(3)The MMO may borrow any such sums—
(a)from the Secretary of State, by way of loan, or
(b)from persons other than the Secretary of State, by way of overdraft or otherwise.
(4)The MMO may borrow by virtue of subsection (3)(b) only if the Secretary of State consents.
(5)Any consent under subsection (4) may be given subject to conditions.
Commencement Information
I1S. 33 in force at 12.1.2010 by S.I. 2009/3345, art. 2, Sch. para. 5