HC Deb 22 March 1960 vol 620 c242
That, for the purposes of any Act of the present Session to authorise the payment out of the Consolidated Fund of loans to be made for capital purposes by the Minister of Power in pursuance of arrangements under section five of the Iron and Steel Act, 1953, it is expedient to authorise—
- (a) the issue out of the Consolidated Fund of any sums which are to be advanced by way of loan by the Minister of Power under arrangements under section five of the Iron and Steel Act, 1953, which require the sums to be applied to defray expenditure properly chargeable to capital account (including the provision of working capital), but so that sums so issued shall not exceed one hundred and twenty million pounds;
- (b) the raising by the Treasury in any manner in which they are authorised to raise money under the National Loans Act, 1939, and the payment into the Exchequer, of any money needed for providing the sums authorised to be issued under paragraph (a) of this Resolution, or for repaying to the Consolidated Fund all or any part of the sums so issued;
- (c) the re-issue out of the Consolidated Fund of such of the sums paid into the Exchequer under subsection (7) of the said section five of the Iron and Steel Act, 1953, as represent interest on, or other payments received by the Minister of Power in respect of, the advances made by him out of the sums authorised to be issued under paragraph (a) of this Resolution, and their application in redemption or repayment of debt or, in so far as they represent interest, towards meeting such part of the annual charges for the National Debt as represents interest.
Resolution agreed to.