Financial provisions

Repayment of, and interest on, advances and sums issued to meet guarantees.
12
1
Subject to subsection (3A) and section 13 below, the Corporation shall make to the Minister, at such times and in such manner as he may with the approval of the Treasury direct, the payments mentioned in subsection (2) below.
2
The payments referred to in subsection (1) above are—
a
payments, of such amounts as the Minister may with the approval of the Treasury direct, in or towards repayment of advances made to the Corporation under section 10(1) above and of any sums issued in fulfilment of any guarantee given under section 11(1) or (1A) above; and
b
payments of interest on what is outstanding for the time being in respect of advances so made and of any sums so issued.
3
The interest referred to in subsection (2)(b) above shall be at such rate as the Minister may with the approval of the Treasury direct; and different rates of interest may be directed under this subsection as respects different advances or sums and as respects interest for different periods.
3A
Nothing in this section shall be taken to prevent the Secretary of State, if he has the approval of the Treasury, from making interest-free advances to the Corporation under section 10(1) above.
4
Sums received by the Minister under subsection (1) above shall be paid into the Consolidated Fund.
5
The Minister shall lay before each House of Parliament a statement of any payment due from the Corporation under subsection (1) above which is not duly paid to him as required under that subsection.
Words in s. 12(1) inserted (28.6.1995) by 1995 c. 9, s. 2(1)
Words substituted by Commonwealth Development Corporation Act 1986 (c. 25, SIF 88), s. 1(6)
S. 12(3A) inserted (28.6.1995) by 1995 c. 9, s. 2(2)