Section 8 Circumstances in which limit on commitments under section 6(2) may be exceeded.
United Kingdom
The aggregate of the liabilities and amounts referred to in subsection (2) of section 6 above may exceed the limit for the time being in force under that subsection if the excess is attributable and attributable only to a quarterly revaluation of any of those liabilities and amounts which took effect as from the end of a previous quarter.
If the conditions specified in subsection (3) below are satisfied, the Secretary of State may at any time so exercise any of his powers under section 1, 2 or 3(1)(a) above in favour of a person that, as a result of the exercise of that power, the aggregate of the liabilities and amounts referred to in subsection (2) of section 6 above—
exceeds the limit in force at that time under that subsection; or
in a case where that limit has already been exceeded as permitted by subsection (1) above or by virtue of the prior application of this subsection, further exceeds that limit.
The conditions referred to in subsection (2) above are:—
that the Secretary of State has previously undertaken to exercise that power in favour of that person; and
that, if the Secretary of State had exercised that power at the time of his undertaking, the aggregate of those liabilities and amounts would not have exceeded the limit in force under section 6(2) above at that time.
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Act repealed (23.10.1991) by Export and Investment Guarantees Act 1991 (c. 67), s. 15(4)(with saving in s. 15(5)); S.I. 1991/2430, art.2.