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					<dc:identifier>http://www.legislation.gov.uk/ukpga/1986/3/section/2</dc:identifier><dc:title>Atomic Energy Authority Act 1986</dc:title><dc:description>An Act to put the finances of the United Kingdom Atomic Energy Authority on a trading fund basis; and for connected purposes.</dc:description><dc:date>1986-02-19</dc:date><dc:type>text</dc:type><dc:format>text/xml</dc:format><dc:language>en</dc:language><dc:publisher>Statute Law Database</dc:publisher><dc:modified>2015-07-29</dc:modified><dc:contributor>Expert Participation</dc:contributor><dct:valid>2009-10-01</dct:valid>
					
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				</ukm:Metadata><Primary><Body DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/body" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/body" NumberOfProvisions="10" RestrictStartDate="2009-10-01"><Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/crossheading/the-authoritys-finances" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/crossheading/the-authoritys-finances" NumberOfProvisions="5" id="crossheading-the-authoritys-finances"><Title> The Authority’s finances</Title><P1group><Title> Borrowing powers.</Title><P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2" id="section-2"><Pnumber>2</Pnumber><P1para><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/1" id="section-2-1"><Pnumber>1</Pnumber><P2para><Text>The Authority may borrow such sums as may be required for meeting the obligations and discharging the functions of the Authority or their subsidiaries—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/1/a" id="section-2-1-a"><Pnumber>a</Pnumber><P3para><Text>in sterling from the Secretary of State, or (b) with the consent of the Secretary of State, or in accordance with a general authority given by him, in any currency from a person other than the Secretary of State.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/2" id="section-2-2"><Pnumber>2</Pnumber><P2para><Text>The Authority may borrow money from a wholly owned subsidiary of theirs without any consent or authority.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/3" id="section-2-3"><Pnumber>3</Pnumber><P2para><Text>The Authority shall exercise control over their subsidiaries so as to secure that no subsidiary borrows from a person other than the Authority or another subsidiary except with the consent of the Secretary of State or in accordance with a general authority given by him.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/4" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/4" id="section-2-4"><Pnumber>4</Pnumber><P2para><Text>The Secretary of State may give general authority for—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/4/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/4/a" id="section-2-4-a"><Pnumber>a</Pnumber><P3para><Text>temporary borrowing, by way of overdraft or otherwise, and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/4/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/4/b" id="section-2-4-b"><Pnumber>b</Pnumber><P3para><Text>borrowing by subsidiaries of the Authority.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/5" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/5" id="section-2-5"><Pnumber>5</Pnumber><P2para><Text>The Secretary of State shall not give his consent or authority under this section except with the approval of the Treasury.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/3/section/2/6" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/3/section/2/6" id="section-2-6"><Pnumber>6</Pnumber><P2para><Text>The Authority may not borrow money except in accordance with this section; but a person lending to the Authority is not prejudiced by a failure to comply with the requirements of this Act as to borrowing by the Authority.</Text></P2para></P2></P1para></P1></P1group></Pblock></Body></Primary></Legislation>