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Power of the Company to raise or borrow money by means of debentures or otherwise.
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3.—(1) Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution of the following paragraph for subparagraph (d):
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“(d) that the Company shall have power for the purposes of the Company to raise or borrow money by means of debentures or otherwise, subject however as follows:
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(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed
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fifteen million pounds less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of moneys raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company, and
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(ii) the said power shall not, without the consent of the Minister, be exercisable at any particular time if the Minister holds at that time more than one fifth (in nominal value) of the issued shares of the Company;”.
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(2) For the purposes of subsection (1)of this section, it shall be lawful for the Company to make such alterations as may be requisite in its Articles of Association.
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