Atomic Energy Authority Act 1986
| Jurisdiction | UK Non-devolved |
| Citation | 1986 c. 3 |
| Year | 1986 |
(1) The United Kingdom Atomic Energy Authority shall, in respect of their net assets on 1st April 1986, assume a debt due to the Secretary of State (their commencing capital debt) of such amount as the Secretary of State, after consulting the Authority, may with the approval of the Treasury specify by notice in writing.(2) The commencing capital debt of the Authority shall be deemed to have been assumed by them on 1st April 1986 and a sum equal to the amount of that debt shall be deemed to have been issued to the Secretary of State out of the National Loans Fund on that date.in sterling from the Secretary of State, or (b) with the consent of the Secretary of State, or in accordance with a general authority given by him, in any currency from a person other than the Secretary of State.(2) The Authority may borrow money from a wholly owned subsidiary of theirs without any consent or authority.(3) The Authority shall exercise control over their subsidiaries so as to secure that no subsidiary borrows from a person other than the Authority or another subsidiary except with the consent of the Secretary of State or in accordance with a general authority given by him.temporary borrowing, by way of overdraft or otherwise, andborrowing by subsidiaries of the Authority.(5) The Secretary of State shall not give his consent or authority under this section except with the approval of the Treasury.(6) The Authority may not borrow money except in accordance with this section; but a person lending to the Authority is not prejudiced by a failure to comply with the requirements of this Act as to borrowing by the Authority.money borrowed by the Authority or a wholly owned subsidiary of theirs,money borrowed for the repayment of which the Authority or a wholly owned subsidiary of theirs is a guarantor or surety,the Authority’s commencing capital debt, andsums issued by the Treasury in fulfilment of guarantees under section 5 (guarantees of borrowing by Authority or their subsidiaries) ,(2) Borrowing between the Authority and a wholly owned subsidiary of theirs, or between two such subsidiaries, shall not be taken into account for the purposes of subsection (1) .money borrowed by that body corporate, andmoney borrowed for the repayment of which that body corporate is a guarantor or surety,that they shall be treated for the purposes of subsection (1) as having borrowed such amount as may be specified in the order, andfor determining how much of that amount is to be treated for the purposes of that subsection as outstanding at any time.(5) The Secretary of State may, when he consents to borrowing in a currency other than sterling, or later, give directions as to the method of calculation, and the date to be taken, in determining for the purposes of subsection (1) the value in sterling of the amount outstanding.(6) The Secretary of State shall not make an order under subsection (1) or give directions under subsection (5) except with the approval of the Treasury; and before giving directions under subsection (5) he shall consult the Authority.an order shall not be made under subsection (1) unless a draft of it has been approved by a resolution of the House of Commons, andan order under subsection (3) or (4) shall be subject to annulment in pursuance of a resolution of that House.(1) The Secretary of State may lend to the Authority any sums which they have power to borrow from him.at such times and in such manner as he may direct, andwith interest at such rates, and payable at such times, as he may direct.(3) The Secretary of State shall not make such a loan or give such a direction except with the approval of the Treasury; and before giving a direction altering the terms for repayment, or for the payment of interest, he shall consult the Authority.(4) The Treasury shall issue out of the National Loans Fund to the Secretary of State such sums as are necessary to enable him to make loans under this section.(5) Sums received by the Secretary of State in respect of the Authority’s commencing capital debt or a loan under this section shall be paid into the National Loans Fund.prepare in respect of each financial year an account, in such form and manner as the Treasury may direct, of sums issued to him for loans under this section, and of sums received by him under this section, and of the disposal by him of those sums, andsend it to the Comptroller and Auditor General not later than the end of November in the following financial year;
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