Part I The Sea Fish Industry Authority
Financial provisions
9 Government guarantees.
(1)
The Ministers may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of and the payment of interest on any sums which the Authority borrows otherwise than from the Ministers.
(2)
Immediately after giving any such guarantee the Ministers shall lay before each House of Parliament F1, and the Scottish Ministers shall lay before the Scottish Parliament,a statement showing the extent and character of the guarantee and the circumstances in which it came to be given.
(3)
If any sum is paid by the Ministers in fulfilment of a guarantee under this section, the Authority shall as from the date of the payment be indebted to the Ministers in the amount of the payment and the Ministers shall lay before each House of Parliament F1, and the Scottish Ministers shall lay before the Scottish Parliament,as soon as practicable after the end of the financial year in which the payment is made a statement showing the amount and the circumstances in which it was made.
(4)
Where any sum is so paid, the Authority shall make to the Ministers at such time and in such manner as the Ministers from time to time direct—
(a)
payments of such amounts as the Ministers so direct in or towards repayment of that sum; and
(b)
payments of interest at such rates as the Ministers so direct on what is outstanding for the time being in respect of that sum;
and so long as that sum has not been repaid in full, together with any interest payable, the Ministers shall, from time to time as the Treasury may request and in any case not less often than once in each financial year, lay before each House of Parliament F2, and the Scottish Ministers shall lay before the Scottish Parliament, a statement showing how much of that sum remains to be repaid by the Authority, the proposed programme for future repayments, and what directions are currently in force or are proposed to be given with respect to the payment of interest.
(5)
The consent of the Treasury is required for any guarantee given by the Ministers under this section and for any direction given by them under subsection (4) above.