HC Deb 07 November 1962 vol 666 c1112

Resolution reported, That, for the purposes of any Act of the present Session to make further provision with respect to the borrowing powers of the British Overseas Airways Corporation and the British European Airways Corporation, and with respect to the power of the Minister of Aviation to make advances to those Corporations, it is expedient to authorise—

  1. (a)the issue out of the Consolidated Fund.raising by borrowing or payment into the Exchequer of such sums as may be required to be so issued, raised or paid in consequence of provisions of the said Act of the present Session whereby in substitution for any power of the said Minister to make advances under section 42 of the Finance Act 1956,as amended) the said Minister may advancesums to those Corporations, subject to the limitation—
    1. (i) in the case of the British Overseas Airways Corporation, that the aggregate amount outstanding in respect of the principal of any moneys borrowed by that Corporation shall not at any time exceed three hundred million pounds, and
    2. (ii) in the case of the British European Airways Corporation, that the aggregate amount outstanding in respect of the principal of any moneys borrowed by that Corporation shall not at any time exceed one hundred and twenty-five million pounds;
  2. (b)such increases in the sums which by or under any enactment are to be or may becharged on and issued out of the Consolidated Fund or paid into the Exchequer, being sums required for fulfilling guarantees given by the Treasury or sums received by way of repayment of, or payment of interest on, sums so required, as may result from provisions of the said Act of the present Session increasing, subject to the limitation specified in the case of each of the said Corporations in paragraph (a)of this Resolution, the amounts which may be borrowed by those Corporations temporarily or by the issue of stock.

Resolution agreed to