Section 3 Loans and interest grants.

United Kingdom

(1)

The Secretary of State may, with the consent of the Treasury, make—

(a)

loans to any persons in connection with their provision of financial facilities in respect of export contracts;

(b)

grants to any persons for the purpose of supplementing any interest receivable or received by them as consideration for their provision of such facilities as aforesaid;

but no loans shall be made under this subsection to persons who are neither resident nor carrying on business in the United Kingdom.

(2)

The Secretary of State may, with the consent of the Treasury, make grants to any persons carrying on business or other activities outside the United Kingdom in respect of interest paid or payable by them under export contracts.

(3)

Any loan or grant under this section shall be made on such terms and conditions as the Secretary of State may determine.

(4)

This section is without prejudice to the powers conferred by section 2(2) above.

Notes on the whole Act

Textual amendments

F1: Act repealed (23.10.1991) by Export and Investment Guarantees Act 1991 (c. 67), s. 15(4)(with saving in s. 15(5)); S.I. 1991/2430, art.2.