Paragraph 5A F1F2
Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised.
Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when—
they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or
it is impracticable to repay the amount.
Where—
by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and
the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies,
the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable.
Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount.
Annotations
Textual amendments
- F1
Sch. 5A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1998 c. 36, s. 160, Sch. 26 para. 1(3); S.I. 1999/2908, arts. 1, 2
- F2
Sch. 5A para. 5A inserted (27.7.1999) 1999 c. 16, s. 134(3)(8)
Notes on Schedule 5A
Modifications
- C1
Sch. 5A modified in part (16.6.2014) by The Government Alternative Finance Arrangements Regulations 2014 (S.I. 2014/1327), regs. 1, 9