Financial provisions

Borrowing powers of Corporation.
9
1
Subject to the provisions of this section and section 9A below, the Corporation may borrow from the Secretary of State or any other person any sum which it requires for meeting any of its obligations or discharging any of its functions.
1A
The Secretary of State may, with the approval of the Treasury, lend to the Corporation any sums which it has power to borrow from him under this section; and the Treasury may issue to the Secretary of State out of the National Loans Fund any sums necessary to enable him to make loans under this subsection.
1B
Any loans made under subsection (1A) above shall be repaid to the Secretary of State at such times and by such methods, and interest thereon shall be paid to him at such rates and at such times, as he may from time to time with the approval of the Treasury determine; and any sums received by the Secretary of State under this subsection shall be paid into the National Loans Fund.
2
The power of the Corporation to borrow otherwise than from the Secretary of State shall be exercisable only with the approval of the Minister, given with the consent of the Treasury, as to the amount . . . , as to the sources of the borrowing and as to the terms on which the borrowing may be effected.
2A
It shall be the duty of the Corporation to secure that none of its wholly-owned subsidiaries borrows otherwise than from the Corporation or from another of its wholly-owned subsidiaries except with the approval of the Secretary of State given with the consent of the Treasury as to the matters mentioned in subsection (2) above.
3
An approval given in any respect for the purposes of subsection (2) or (2A) above may be either general or limited to a particular borrowing or otherwise, and may be either unconditional or subject to conditions.
3A
In respect of each financial year the Secretary of State shall—
a
prepare, in such form as the Treasury may direct, an account of any sums issued to him under subsection (1A) above or received by him under subsection (1B) above and of the disposal by him of any sums so received; and
b
send the account to the Comptroller and Auditor General not later than the end of the month of November following the financial year to which it relates;
and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
A person lending money to the Corporation shall not be bound to inquire whether the borrowing of money is within the power of the Corporation.
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Words inserted by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 2(2)(a)
Words substituted by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 1(1)
S. 9(1A)(1B) inserted by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 1(1)
Words inserted by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 1(2)
Words repealed by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 2(2)(b)
S. 9(2A) inserted by Commonwealth Development Corporation Act 1986 (c. 25, SIF 88), s. 1(3)(a)
Words substituted by Commonwealth Development Corporation Act 1986 (c. 25, SIF 88), s. 1(3)(b)
S. 9(3A) inserted by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 1(3)
S. 9(4)(6) superseded and repealed by Commonwealth Development Corporation Act 1982 (c. 54, SIF 88), s. 2 (1)(2)(b)