In subsection (1) of section 9 of the M1Commonwealth Development Corporation Act 1978 (power of the Corporation to borrow sums required by it for certain purposes), for “sums required by it” there shall be substituted “ from the Secretary of State or any other person any sum which it requires ”; and after that subsection there shall be inserted the following sub-sections:—

“(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 sum 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 sub-section shall be paid into the National Loans Fund.”.

After section 9(3) of that Act (approvals), there shall be inserted the following subsection:—

“(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.”.