The Natural Resources Body for Wales (Establishment) Order 2012

PART 3 — FINANCIAL MATTERS

Grants

12.—(1) The Welsh Ministers may make grants to the Body.

(2) A grant under this article may be made subject to conditions.

General financial duties

13.—(1) The Welsh Ministers may determine the financial duties of the Body.

(2) Different determinations may be made for different functions and activities of the Body.

(3) The Welsh Ministers must—

(a) consult the Body before making a determination of the Body’s financial duties, and

(b) give the Body notice of every such determination which they make.

(4) Such a determination may—

(a) relate to a period beginning before, on, or after, the date on which it is made;

(b) contain supplemental provisions; and

(c) be varied by a subsequent determination.

(5) The Welsh Ministers may give a direction to the Body requiring it to pay to them an amount equal to the whole or such part as may be specified in the direction of any sum, or any sum of a description, so specified which is or has been received by that Body.

(6) Where it appears to the Welsh Ministers that the Body has a surplus, whether on capital or revenue account, they may direct the Body to pay them such amount not exceeding the amount of that surplus as may be specified in the direction.

(7) The Welsh Ministers must consult the Body before giving a direction under paragraph (5) or (6).

Borrowing powers

14.—(1) The Body may borrow in accordance with the following provisions of this article, but not otherwise.

(2) The Body may borrow such sums in sterling as it may require for meeting its obligations and carrying out its functions.

(3) The Body may borrow—

(a) from the Welsh Ministers, or

(b) from persons other than the Welsh Ministers, but only with the consent of the Welsh Ministers.

(4) Consent under paragraph (3)(b) may be granted subject to conditions.

Welsh Ministers' guarantees of the Body’s borrowing

15.—(1) The Welsh Ministers may guarantee, in such manner and on such conditions as they 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 sum which the Body borrows from any person.

(2) If any sums are paid out in fulfilment of a guarantee under this article, the Body must make to the Welsh Ministers, at such times and in such manner as they from time to time direct,—

(a) payments of such amounts as they direct in or towards repayment of the sums so paid out, and

(b) payments of interest, at such rate as they direct, on what is outstanding for the time being in respect of sums so paid out.