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Coal Act 1943

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This is the original version (as it was originally enacted).

8Extension of borrowing powers of the Commission

(1)The Commission may borrow for the purpose of meeting any deficiency at any time arising on the revenue account of the Commission or meeting any extraordinary claim or demand at any time arising against the Commission (being the purposes for which the reserve fund is primarily applicable under subsection (2) of section twenty-four of the principal Act), subject to and in accordance with the following provisions—

(a)all money so borrowed shall be repaid within one year ;

(b)no money shall be so borrowed if at the time of borrowing the aggregate of the sums so borrowed and not repaid exceeds, or will with the sum to be borrowed exceed, half the value of the reserve fund as shown in the accounts of the Commission last laid before Parliament under subsection (2) of section thirty of the principal Act;

(c)all money so borrowed and the interest thereon shall be charged on the investments and cash of which the reserve fund from time to time consists ;

(d)so long as the issue of capital in the United Kingdom without the consent of the Treasury is prohibited by Regulations made under the Emergency Powers (Defence) Acts, 1939 and 1940, it shall not be lawful to exercise the powers of borrowing conferred by this subsection without such consent;

(e)section twenty-eight of the principal Act (which empower the Commission to issue stock for the purpose of raising money which they are authorised to borrow) and section twenty-nine of that Act (which empowers the Treasury to guarantee a loan proposed to be raised by the Commission) shall not apply to money borrowed or loans proposed to be raised under this subsection.

(2)The investments and cash of which the reserve fund from time to time consists and the interest thereon shall cease to be included in the property and revenues of the Commission on which money borrowed under section twenty-seven of the principal Act is charged by virtue of subsection (2) thereof or on which stock issued under section twenty-eight of that Act and interest thereon is charged by virtue of subsection (2) of the last mentioned section.

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