# Transport Act 1962, Section 20: Exchequer loans.

Extent: E+W+S+N.I.

(1) Subject to this Act the Minister may with the approval of the Treasury lend to a Board any sums which that Board have power to borrow under subsection (1) or subsection (2) of the last foregoing section.
(2) Any loans which the Minister makes under this section shall be repaid to him at such times and by such methods, and interest thereon shall be paid to him at such rates and at such times, as he may with the approval of the Treasury from time to time direct.
(3) The Treasury may issue out of the National Loans Fund to the Minister such sums as are necessary to enable him to make loans under subsection (1) of this section.
( 4) For the purpose of providing sums to be issued under the last foregoing subsection, or of providing for the replacement of sums so issued, the Treasury may at any time, if they think fit, raise money in any manner in which they are authorised to raise money under the National Loans Act, 1939, and any securities created and issued to raise money under this subsection shall be deemed for all purposes to have been created and issued under that Act.
(5) Any sums received by the Minister under subsection (2) of this section shall be paid into the National Loans Fund . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) This section applies to the British Waterways Board ... subject to the following modifications–
(a) references to the Minister are to be read as references to the Scottish Ministers;
(b) references to the approval of the Treasury are omitted;
(c) in subsection (1) at the end there is inserted “as modified by subsection (7) of that section”; and
(d) subsections (3) and (5) are omitted.

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Source: https://www.legislation.gov.uk/ukpga/Eliz2/10-11/46/section/20 (the official version)
Page: https://openlegislation.uk/transport-act-1962/section-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.