Finance Act, 1990

Amendment of section 51 (contracts of guarantee and loan contracts in connection with aid to developing countries) of Finance Act, 1978 .

133.Section 51 of the Finance Act, 1978 , is hereby amended by the substitution in subsection (2) of “£20,000,000” for “£10,000,000”, and the said subsection, as so amended, is set out in the Table to this section.

TABLE

(2) The Minister for Finance shall not so exercise the powers conferred on him by this section that the amount or aggregate amount of money which he may at any one time be liable to pay under contracts of guarantee and loan contracts, together with the amounts (if any) which the said Minister has previously paid under contracts of guarantee and loan contracts and have not been repaid to him, exceeds £20,000,000.