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“(2) The Authority shall not, without the prior permission of the Government, give a guarantee in respect of moneys borrowed in respect of working capital for an undertaking referred to in subsection (1) of this section, or make a grant towards the reduction of interest payable on a loan raised to provide working capital for such an undertaking, where the amount of the principal of any moneys the subject of the guarantee and the amount of the grant payable towards the reduction of interest exceed in the aggregate £300,000.”.
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