§
Resolution reported,
That, for the purposes of any Act of the present Session to provide for the establishment of a public corporation (hereinafter referred to as "the Corporation") with the functions of promoting or assisting the reorganisation or development of any industry or section of an industry and establishing or developing, or promoting the establishment or development of, any industrial enterprise, it is expedient to authorise—
(1) the issue out of the Consolidated Fund—
(2) the payment out of moneys provided by Parliament of sums required by the Secretary of State for making payments to the Corporation on terms which provide for the making
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of payments by the Corporation to the Secretary of State of amounts proposed by the former or determined by the latter;
(3) the borrowing in any manner authorised by the National Loans Act 1939 of any money needed for providing sums required for enabling the Secretary of State to make loans to the Corporation;
(4) the payment into the Exchequer of any sums received by the Secretary of State or the Treasury in consequence of any of the provisions of the said Act of the present Session and the re-issue out of the Consolidated Fund of sums so received by the Secretary of State in respect of loans made by him to the Corporation;
so however that the aggregate of the amounts outstanding in respect of the sums paid to the Corporation as mentioned in paragraph (2) of this Resolution and of any sums issued by the Treasury in fulfilment of any guarantees mentioned in paragraph (1)(b) thereof and not repaid to them, together with the principal of any loans in respect of which guarantees have been given by the Corporation under the provisions of the said Act of the present Session and the principal of any money borrowed by the Corporation under those provisions, shall not exceed £150 million.
§ Resolution agreed to.