For the purpose of the exercise of any of its functions, the Corporation may, in accordance with directions under section 2(4) above given with the approval of the Treasury, borrow either in sterling or in a currency other than sterling from any person other than the Secretary of State.

The aggregate amount outstanding in respect of the principal of sums borrowed under this section and section 13 of the M1Industry Act 1980 shall not exceed £30 million or such greater sum not exceeding £50 million as the Secretary of State may with the approval of the Treasury by order specify.

The power to make orders under this section shall be exercisable by statutory instrument, and no such order shall be made unless a draft of it has been laid before and approved by resolution of the House of Commons.