Broadcasting Authority Act, 1960

Repayable advances.

23.—(1) The Minister for Finance may make advances to the Authority for capital purposes (including working capital purposes).

(2) Advances under this section—

(a) shall be made out of the Central Fund or the growing produce thereof,

(b) shall not exceed two million pounds in the aggregate,

(c) shall be made on the recommendation of the Minister,

(d) shall be made on such terms and conditions as to repayment as the Minister for Finance thinks proper.

(3) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose, and, for the purposes of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.

(4) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.