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Leasehold Reform, Housing and Urban Development Act 1993

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Version Superseded: 23/05/2003

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Point in time view as at 01/12/1993.

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Leasehold Reform, Housing and Urban Development Act 1993, SCHEDULE 18 is up to date with all changes known to be in force on or before 19 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Section 158(2).

SCHEDULE 18U.K. FINANCES OF THE AGENCY

Commencement Information

I1Sch. 18 wholly in force at 10.11.1993 see s. 188(2) and S.I 1993/2762, art. 3

Financial yearU.K.

1U.K.The financial years of the Agency shall be as follows—

(a)the period beginning with the commencement of this Schedule and ending with the next following 31st March; and

(b)each successive period of twelve months;

and references in this Schedule to a financial year shall be construed accordingly.

Financial dutiesU.K.

2(1)After consultation with the Agency, the Secretary of State may, with the approval of the Treasury, determine the financial duties of the Agency; and different determinations may be made in relation to different functions of the Agency.U.K.

(2)The Secretary of State shall give the Agency notice of every determination, and a determination may—

(a)relate to a period beginning before the date on which it is made;

(b)contain incidental or supplementary provisions; and

(c)be varied or revoked by a subsequent determination.

Government grantsU.K.

3(1)The Secretary of State may, out of moneys provided by Parliament and with the approval of the Treasury, pay to the Agency, in respect of the exercise of its functions and in respect of its administrative expenses, such sums as he may, with the approval of the Treasury, determine.U.K.

(2)The payment may be made on such terms as the Secretary of State may, with the approval of the Treasury, determine.

BorrowingU.K.

4(1)The Agency may borrow temporarily, by way of overdraft or otherwise, such sums as it may require for meeting its obligations and exercising its functions—U.K.

(a)in sterling from the Secretary of State; or

(b)with the consent of the Secretary of State, or in accordance with any general authority given by the Secretary of State, either in sterling or in a currency other than sterling from a person other than the Secretary of State.

(2)The Agency may borrow otherwise than by way of temporary loan such sums as it may require—

(a)in sterling from the Secretary of State; or

(b)with the consent of the Secretary of State, in a currency other than sterling from a person other than the Secretary of State.

(3)The Secretary of State may lend to the Agency any sums it has power to borrow from him under sub-paragraph (1) or (2).

(4)The Treasury may issue to the Secretary of State out of the National Loans Fund any sums necessary to enable him to make loans under sub-paragraph (3).

(5)Loans made under sub-paragraph (3) shall be repaid to the Secretary of State at such times and by such methods, and interest on the loans shall be paid to him at such times and at such rates, as he may determine.

(6)All sums received by the Secretary of State under sub-paragraph (5) shall be paid into the National Loans Fund.

(7)The approval of the Treasury shall be required for the giving of any consent or authority under sub-paragraph (1) or (2), the making of any loan under sub-paragraph (3) or the making of any determination under sub-paragraph (5).

GuaranteesU.K.

5(1)The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of, and the payment of interest on, any sums which the Agency borrows from a person other than the Secretary of State.U.K.

(2)Immediately after a guarantee is given under this paragraph, the Treasury shall lay a statement of the guarantee before each House of Parliament; and, where any sum is issued for fulfilling a guarantee so given, the Treasury shall lay before each House of Parliament a statement relating to that sum, as soon as possible after the end of each financial year—

(a)beginning with that in which the sum is issued; and

(b)ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged.

(3)Any sums required by the Treasury for fulfilling a guarantee under this paragraph shall be charged on and issued out of the Consolidated Fund.

(4)If any sums are issued in fulfilment of a guarantee given under this paragraph, the Agency shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct, payments of such amounts as the Treasury so direct in or towards repayment of the sums so issued and payments of interest, at such rates as the Treasury so direct, on what is outstanding for the time being in respect of sums so issued.

(5)Any sums received by the Treasury in pursuance of sub-paragraph (4) shall be paid into the Consolidated Fund.

Surplus fundsU.K.

6(1)This paragraph applies where it appears to the Secretary of State, after consultation with the Treasury and the Agency, that the Agency has a surplus, whether on capital or on revenue account, after making allowance by way of transfer to reserve or otherwise for its future requirements.U.K.

(2)The Agency shall, if the Secretary of State with the approval of the Treasury and after consultation with the Agency so directs, pay to the Secretary of State such sum not exceeding the amount of the surplus as may be specified in the direction.

(3)Any sum received by the Secretary of State under this paragraph shall, subject to sub-paragraph (5), be paid into the Consolidated Fund.

(4)The whole or part of any payment made to the Secretary of State by the Agency under sub-paragraph (2) shall, if the Secretary of State with the approval of the Treasury so determines, be treated as made—

(a)by way of repayment of such part of the principal of loans under paragraph 4(3); and

(b)in respect of the repayments due at such times,

as may be so determined.

(5)Any sum treated under sub-paragraph (4) as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund.

Financial limitsU.K.

7(1)The aggregate amount at any time of borrowed sums shall not exceed £200 million or such greater sum not exceeding £300 million as the Secretary of State may by order made by statutory instrument specify.U.K.

(2)In sub-paragraph (1) “borrowed sums” means sums borrowed by the Agency under paragraph 4 minus repayments made or treated as made in respect of those sums.

(3)No order shall be made under sub-paragraph (1) unless a draft of the order has been laid before and approved by resolution of the House of Commons.

Grants and loans: accountsU.K.

8(1)The Secretary of State shall prepare in respect of each financial year an account—U.K.

(a)of the sums issued to him under paragraph 4(4) and the sums received by him under paragraph 4(5) and of the disposal by him of those sums; and

(b)of the sums paid into the Consolidated Fund or National Loans Fund under paragraph 6.

(2)The Secretary of State shall send the account to the Comptroller and Auditor General before the end of the month of November next following the end of that year.

(3)The Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament.

(4)The form of the account and the manner of preparing it shall be such as the Treasury may direct.

AccountsU.K.

9(1)The Agency shall keep proper accounts and other records in relation to them.U.K.

(2)The accounts and records shall show, in respect of the financial year to which they relate, a true and fair view of the Agency’s activities.

(3)The Agency shall prepare in respect of each financial year a statement of accounts complying with any requirement which the Secretary of State has, with the approval of the Treasury, notified in writing to the Agency relating to—

(a)the information to be contained in the statement;

(b)the manner in which the information is to be presented; and

(c)the methods and principles according to which the statement is to be prepared.

(4)Subject to any requirement notified to the Agency under sub-paragraph (3), in preparing any statement of accounts in accordance with that sub-paragraph the Agency shall follow, with respect to each of the matters specified in paragraphs (a) to (c) of that sub-paragraph, such course as may for the time being be approved by the Secretary of State with the consent of the Treasury.

AuditU.K.

10(1)The Agency’s accounts and statements of accounts shall be audited by an auditor to be appointed annually by the Secretary of State.U.K.

(2)A person shall not be qualified for appointment under sub-paragraph (1) unless—

(a)he is eligible for appointment as a company auditor under Part II of the M1Companies Act 1989 (eligibility for appointment as company auditor); and

(b)if the Agency were a body to which section 384 of the M2Companies Act 1985 (duty to appoint auditors) applies, he would not be ineligible for appointment as company auditor of the Agency by virtue of section 27 of the Companies Act 1989 (ineligibility on ground of lack of independence).

Marginal Citations

Transmission to Secretary of StateU.K.

11U.K.As soon as the accounts and statement of accounts of the Agency for any financial year have been audited, it shall send to the Secretary of State a copy of the statement, together with a copy of any report made by the auditor on the statement or on the accounts.

ReportsU.K.

12(1)As soon as possible after the end of each financial year, the Agency—U.K.

(a)shall make to the Secretary of State a report dealing generally with its operations during the year; and

(b)shall include in the report a copy of its audited statement of accounts for that year and such information as the Secretary of State may specify.

(2)The Secretary of State shall lay a copy of the report before each House of Parliament.

InformationU.K.

13U.K.Without prejudice to paragraph 12, the Agency shall provide the Secretary of State with such information relating to its activities as he may require, and for that purpose—

(a)shall permit any person authorised by the Secretary of State to inspect and make copies of the accounts, books, documents or papers of the Agency; and

(b)shall afford such explanation of them as that person or the Secretary of State may reasonably require.

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