Part 1 U.K.The Marine Management Organisation

Chapter 4U.K.Miscellaneous, general and supplemental provisions

Financial provisionsU.K.

36Government guaranteesU.K.

(1)The Secretary of State may guarantee—

(a)the repayment of the principal of any sum borrowed by the MMO from a person other than the Secretary of State;

(b)the payment of interest on any such sum;

(c)the discharge of any other financial obligation in connection with any such sum.

(2)A guarantee under subsection (1) may be given in such manner, and on such conditions, as the Secretary of State may think fit.

(3)If a guarantee is given under subsection (1), the Secretary of State must lay a statement of the guarantee before each House of Parliament.

(4)Where any sum is paid out for fulfilling a guarantee under this section, the Secretary of State must, as soon as reasonably practicable after the end of each financial year in the relevant period, lay before each House of Parliament a statement relating to that sum.

(5)For the purposes of subsection (4), the relevant period is the period which—

(a)begins with the financial year in which the sum is paid out, and

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

(6)If any sums are paid out in fulfilment of a guarantee under this section, the MMO must make to the Secretary of State—

(a)payments of such amounts as the Secretary of State may from time to time direct in or towards repayment of the sums so paid out, and

(b)payments of interest, at such rate as the Secretary of State may so direct, on what is outstanding for the time being in respect of sums so paid out.

(7)Payments under subsection (6) are to be made—

(a)at such times, and

(b)in such manner,

as the Secretary of State may from time to time direct.