Section 34 Limit on borrowingI1I2
The aggregate amount outstanding in respect of the principal of sums borrowed by the MMO must not at any time exceed £20 million.
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.
The sum specified in an order under subsection (2) must be a sum—
greater than £20 million, but
not greater than £80 million.
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.
Annotations
Commencement
- I1
S. 34 partly in force; s. 34 in force for specified purposes at Royal Assent see s. 324(1)(c)
- I2
S. 34 in force at 12.1.2010 in so far as not already in force by S.I. 2009/3345, art. 2, Sch. para. 5