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Further and Higher Education Act 1992
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38Payments by council in respect of loan liabilities
(1)This section applies to any excepted loan liability, that is, any liability of a local authority which—
(a)in the case of a transfer by virtue of section 23 of this Act, would have been transferred but for subsection (3)(a) of that section,
(b)in the case of a transfer by virtue of section 32 of this Act, would have been transferred but for subsection (4)(a) of that section, or
(c)in the case of a transfer by virtue of section 34(4)(a) of this Act, could have been transferred but for subsection (5) of that section.
(2)A council may make payments, on such terms and conditions as the council may determine, to a local authority in respect of the principal of, and any interest on, any excepted loan liability of that authority.
(3)No payment shall be made under this section in respect of any excepted loan liability, where the class or classes of excepted loan liabilities in respect of which payments may be made are for the time being prescribed by an order of the Secretary of State, unless the liability falls within a prescribed class.
(4)The Secretary of State may by order provide for determining—
(a)the amounts that may be paid under this section in respect of the principal of, and any interest on, any excepted loan liability,
(b)the instalments by which any amounts may be paid, and
(c)the rate at which interest may be paid on any outstanding amounts,
and, in the case of any payment to which such an order applies, no amount may be paid under this section in excess of any amount determined in accordance with the order.
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