Part IV

Finance

General financial provisions

Treasury guarantees.
62
1
The Treasury may guarantee in such manner and on such conditions as they may think fit the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with any sums which a development corporation borrows under this Act from a person other than the Secretary of State.
2
Immediately after a guarantee is given under this section, the Treasury shall lay a statement of the guarantee before each House of Parliament.
3
Where any sum is issued for fulfilling a guarantee so given, the Treasury shall, as soon as possible after the end of each financial year—
a
beginning with that in which the sum is issued, and
b
ending with that in which all liability in respect of the principal of the sum, and in respect of interest on it, is finally discharged,
lay before each House of Parliament a statement relating to that sum.
4
Any sums required by the Treasury for fulfilling a guarantee under this section shall be charged on and issued out of the Consolidated Fund.
5
If any sums are issued in fulfilment of a guarantee given under this section in respect of money borrowed by a development corporation, the corporation shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct—
a
payments, of such amounts as the Treasury may so direct, in or towards repayment of the sums so issued; and
b
payments of interest on what is outstanding for the time being in respect of amounts so issued at such rate as the Treasury may so direct.
6
Any sums received under subsection (5) above by the Treasury shall be paid into the Consolidated Fund.
Words substituted for paragraphs (a) and (b) by Miscellaneous Financial Provisions Act 1983 (c. 29, SIF 99:1), s. 4(5)
Word in s. 62(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 15(2); S.I. 2009/803, art. 3(1)
Words in s. 62(5) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 15(3); S.I. 2009/803, art. 3(1)