Section 1 Alteration of limits on borrowing etc.

United Kingdom

(1)

In section 9A(2) of the M1Commonwealth Development Corporation Act 1978 (which imposes a limit of £750 million, or such larger sum not exceeding £850 million as may be specified by order, on the total amount outstanding in respect of sums borrowed or guaranteed by the Corporation or any of its subsidiaries)—

(a)

for “£750 million” there shall be substituted “ £1,100 million ”; and

(b)

for “£850 million” there shall be substituted “ £1,500 million ”.

(2)

In subsection (1) of section 10 of that Act (which provides for the making of advances by the Secretary of State to the Corporation up to a certain limit), the words “up to” onwards shall cease to have effect.

Annotations

Marginal citations

M1: 1978 c. 2.

Notes on the whole Act

Textual amendments

F1: Act repealed (8.12.1999) by 1999 c. 20, s. 27, Sch. 4 (with s. 15); S.I. 1999/3258, art. 2