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Borrowing (Control and Guarantees) Act 1946

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This is the original version (as it was originally enacted).

2Power of the Treasury to guarantee loans.

(1)The Treasury may, if satisfied that it is expedient in the public interest so to do for the purpose of facilitating the reconstruction or development of an industry or part of an industry in Great Britain, guarantee any loan :

Provided that the aggregate capital amount of the loans in respect of which guarantees are issued in any one financial year under this section (excluding any part of that amount which is guaranteed neither as to principal nor as to interest) shall not exceed fifty million pounds.

(2)Any guarantee given under this section may be given in such form and manner and on such terms and subject to such conditions as the Treasury think fit.

(3)Any moneys required for fulfilling a guarantee given under this section shall be charged on and issued out of the Consolidated Fund or the growing produce thereof, and any moneys paid in or towards repayment of any sum issued out of the Consolidated Fund under this section shall be paid into the Exchequer.

(4)The Treasury shall lay before both Houses of Parliament—

(a)a statement of any guarantee given under this section as soon as may be after it is given ; and

(b)within one month after the end of any financial year in which any guarantees given under this section are in force, an account of the total sums, if any, which during that year have been either issued out of the Consolidated Fund under this section or paid in or towards repayment of any money so issued.

(5)In this section, references to the guaranteeing of a loan shall be construed as references to guaranteeing, whether wholly or in part and whether solely or jointly with other guarantors, the payment either of the interest, or of both the interest and the principal, of the loan, and the expression " guaranteed " shall be construed accordingly, and references to an industry shall be construed as including references to the undertakings for the times being engaged in the provision of any description of supplies or services.

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