Industrial Credit (Amendment) Act, 1990

Amendment of Industrial Credit (Amendment) Act, 1958 .

2.Section 3 (3) of the Industrial Credit (Amendment) Act, 1958 , is hereby amended by the substitution of “£1,000,000,000” for “£800,000,000” (inserted by section 3 of the Industrial Credit (Amendment) Act, 1983 ), and the said subsection, as so amended, is set out in the Table to this section.


(3) The Minister shall not so exercise the powers conferred by subsection (1) of this section that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and has not been repaid by the Company, exceeds £1,000,000,000.