SCHEDULE UNITED KINGDOM ECOLABELLING BOARD

PART II FINANCIAL PROVISIONS

15 Borrowing
(1) The Secretary of State may with the consent of the Treasury guarantee, in such manner and on such conditions as he may think fit, the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with any sum which the Board borrows from any person.
(2) Immediately after a guarantee is given under this paragraph the Secretary of State shall lay a statement of the guarantee before each House of Parliament.
(3) Where any sum is paid out for fulfilling a guarantee under this paragraph the Secretary of State shall, as soon as possible after the end of the financial year, lay before each House of Parliament a statement relating to that sum.
(4) Any sums required by the Secretary of State for fulfilling a guarantee under this paragraph shall be paid out of money provided by Parliament.
(5) If any sums are paid out in fulfillment of a guarantee under this paragraph, the Board shall make to the Secretary of State at such times and in such manner as the Secretary of State may from time to time direct—
(a) payments of such amounts as the Secretary of State may so 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,
and the consent of the Treasury shall be required for the giving of a direction under this paragraph.
(6) Any sums received by the Secretary of State under sub-paragraph (5) shall be paid into the Consolidated Fund.