Statutory Instruments
OVERSEAS DEVELOPMENT AND CO-OPERATION
Made
12th March 1992
Coming into force
12th March 1992
The Secretary of State, in exercise of the powers conferred on him by sections 9A(2) and 10(1) of the Commonwealth Development Corporation Act 1978(1) and now vested in him(2) and of all other powers enabling him in that behalf, and with the consent of the Treasury, hereby makes the following Order, a draft of which has been laid before Parliament and has been approved by resolution of the House of Commons:
1.—(1) This Order may be cited as the Commonwealth Development Corporation (Raising of Limits on Borrowing and Advances) Order 1992 and shall come into force forthwith.
(2) In this Order, unless the context otherwise requires–
“the Act” means the Commonwealth Development Corporation Act 1978;
“the Corporation” means the Commonwealth Development Corporation the continuation of which was confirmed by the Act.
2. The limit on borrowing etc specified in section 9A(2) of the Act for the purposes of section 9A(1) thereof shall be £850 million.
3. The limit on advances by the Secretary of State to the Corporation specified in section 10(1) of the Act shall be £800 million.
Douglas Hurd
One of Her Majesty’s Principal Secretaries of State
12th March 1992
We consent,
Irvine Patnick
Nicholas Baker
Two of the Lords Commissioners of Her Majesty’s Treasury
12th March 1992
(This note is not part of the Order)
This Order, which is made under sections 9A(2) and 10(1) of the Commonwealth Development Corporation Act 1978, increases the limit on borrowing etc by the Commonwealth Development Corporation from £750 million to £850 million, and the limit on advances made by the Secretary of State to the Corporation from £700 million to £800 million. The sums required by the Secretary of State for the purposes of such advances to the Corporation are paid out of money provided by Parliament.
1978 c. 2; section 9A was inserted by section 2 of the Commonwealth Development Corporation Act 1982 (c. 54). The limits contained in section 10(1) of the Act on the making of advances by the Secretary of State to the Corporation, were increased by section 3 of the Commonwealth Development Corporation Act 1982.
Article 2(1) of the Ministry of Overseas Development (Dissolution) Order 1979 (S.I. 1979/1451).