- (1)The Secretary of State may, with the approval of the Treasury, make loans to any person for the purposes of enabling him or assisting him to make arrangements for the execution of relevant operations.
- (2) The Secretary of State may, with the approval of the Treasury, guarantee the pay ment by any person of any sum payable by that person in respect of principal or interest under arrangements (whether by way of loan or otherwise) entered into by that person for the purpose of the execution of relevant operations.
- (3)Any loan made under this section, and any sums issued in fulfilment of a guarantee given under this section, shall be paid out of money provided by Parliament, and shall be made or issued on such terms as to recovery by the Secretary of State of principal and in terest and otherwise as the Secretary of State may with the approval of the Treasury deter mine.— [Mr. John Smith.]
§ Brought up, and read the First time.
§ Mr. John SmithI beg to move, That the clause be read a Second time.
I think that it is self-explanatory. Perhaps hon. Members will be reassured to know that the additional powers it confers will not add to the expenditure incurred in the operation of the Bill. They add desirable flexibility to the methods by which the Government may secure rapid development of platform fabrication sites and other works under the Bill.
§ Question put and agreed to.
§ Clause read a Second time, and added to the Bill.