SCHEDULES

Section 18.

SCHEDULE 3E+W+S[F1Borrowing and guaranteesF1]

Textual Amendments

F1Sch. 3: words in heading substituted (1.4.2006) by The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(5) (with art. 3(1))

F2...E+W+S

Textual Amendments

F2Sch. 3 para. 1 cross-heading omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(1) (with art. 3(1))

1E+W+SF3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Sch. 3 para. 1 omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(1) (with art. 3(1))

2E+W+SF4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 3 para. 2 omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(1) (with art. 3(1))

Borrowing PowersE+W+S

[F5(3)E+W+SFor the purpose of exercising its functions under this Act, the Assembly may borrow money from any person (including its wholly owned subsidiaries), but any borrowing in a currency other than sterling requires the approval of the Treasury.F5]

Textual Amendments

F5Sch. 3 para. 3 substituted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(2) (with art. 3(1))

F6...E+W+S

Textual Amendments

F6Sch. 3 para. 4 cross-heading omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(1) (with art. 3(1))

4E+W+SF7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7Sch. 3 para. 4 omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(1) (with art. 3(1))

Borrowing by wholly owned subsidiariesE+W+S

[F8(5)E+W+SIt is the duty of the Assembly to secure that none of its wholly owned subsidiaries formed in pursuance of the exercise of the Assembly's functions under this Act borrows money otherwise than from the Assembly or from another wholly owned subsidiary of the Assembly, except with the Assembly's consent.F8]

Textual Amendments

F8Sch. 3 para. 5 substituted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(3) (with art. 3(1))

GuaranteesE+W+S

6(1)The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of [F9the payment of interest on and the discharge of any other financial obligation in connection with] any sums which the [F10AssemblyF10][F11borrows in connection with its functions under this Act]F11.E+W+S

(2)Immediately after a guarantee is given under this paragraph, the Treasury shall lay a statement of the guarantee before each House of Parliament; and where any sum is issued for fulfilling a guarantee so given, the Treasury shall lay before each House of Parliament a statement relating to that sum, as soon as possible after the end of each financial year, beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged.

(3)Any sums required by the Treasury for fulfilling a guarantee under this paragraph shall be charged on and issued out of the Consolidated Fund.

(4)If any sums are issued in fulfilment of a guarantee given under this paragraph, the [F10Assembly]F10 shall make to the Treasury, at such time and in such manner as the Treasury from time to time direct, payments of such amounts as the Treasury so direct in or towards repayment of the sums so issued and payments of interest, at such rate as the Treasury so direct, on what is outstanding for the time being in respect of sums so issued.

(5)Any sums received by the Treasury in pursuance of sub-paragraph (4) above shall be paid into the Consolidated Fund.

Textual Amendments

F9Words substituted by Miscellaneous Financial Provisions Act 1983 (c. 29, SIF 99:1), s. 4(1), Sch. 2

F10Sch. 3 para. 6: words in Act substituted (1.4.2006) by The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), {Sch. 1 para. 1, 2} (with art. 3(1))

F11Words in Sch. 3 para. 6(1) substituted (1.4.2006) by The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), arts. 1(1)(2), 7(1), Sch. 1 para. 32(4) (with art. 3(1))