Part 1The Marine Management Organisation
Chapter 4Miscellaneous, general and supplemental provisions
Financial provisions
34Limit on borrowing
1
The aggregate amount outstanding in respect of the principal of sums borrowed by the MMO must not at any time exceed £20 million.
2
The Secretary of State may by order amend subsection (1) so as to substitute for the sum for the time being there specified such sum as may be specified in the order.
3
The sum specified in an order under subsection (2) must be a sum—
a
greater than £20 million, but
b
not greater than £80 million.
4
A statutory instrument containing an order under subsection (2) may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.