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TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 51

Borrowing powers of the Holding Company.

51.(1) The Holding Company shall not borrow money except in accordance with
the provisions of this section.

(2) Subject to subsection (3) the Holding Company with the approval of
the Ministry may, for the purpose of discharging its functions, making loans
to a subsidiary company or meeting its obligations, borrow money from time to
time in any of the following ways

(a)by way of overdraft or other arrangement with bankers or otherwise;

(b)from a subsidiary of the Company;

(c)by means of sums issued under and subject to the provisions of the
Government Loans Act (Northern Ireland) 1957 by the Ministry of Finance out of
the Government Loans Fund.

(3) The aggregate of the amounts of principal outstanding in respect of moneys
borrowed after the coming into operation of this section by
the Holding Company under paragraphs (a) and (b) of subsection (2) shall not
at any time exceed [ten million pounds].

(4) The Ministry of Finance may guarantee in such manner and subject to such
conditions as it thinks fit the payment of the interest and principal of any
loan raised by the Holding Company under subsection (2)(a).

(5) Such sums as may from time to time be required by the Ministry of Finance
for fulfilling any guarantees given by it under subsection (4) or given by it
in respect of any loans raised by the Ulster Transport Authority shall be
charged on and issued out of the Consolidated Fund and for the purpose of
providing for such issues the Ministry of Finance may borrow money.


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© 1967 Crown Copyright

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