Part I

The Sea Fish Industry Authority

Financial provisions

Borrowing powers.
6
1
The Authority may borrow for the purpose of financing its activities.
2
The Authority’s powers under this section shall be exercised subject to and in accordance with regulations made by the Ministers with the approval of the Treasury.
3
Subject to subsection (4) below, the amount outstanding at any time of the aggregate of—
a
the sums borrowed by the Authority under this section; and
b
sums borrowed by another person and guaranteed by the Authority under section 3(1)(f) above;
shall not exceed £30 million.
4
The Ministers may by an order made with the approval of the Treasury increase or further increase the maximum amount specified in subsection (3) above but not by more than £10 million at a time.
5
An order under subsection (4) above shall not have effect unless approved by a resolution of the House of Commons.