Environment Act 1995 : Chapter 25.

  • United Kingdom
Date:
[1995]
Catalogue details

Licence: Open Government Licence

Credit: Environment Act 1995 : Chapter 25. Source: Wellcome Collection.

    49/404 page 41
    (b) he would not be ineligible for appointment as company auditor of the new Agency in question by virtue of section 27 of that Act (ineligibility on ground of lack of independence), if that new Agency were a body to which section 384 of the Companies Act 1985 (duty to appoint auditor) applies. (3) A copy of— (a) any accounts of a new Agency which are audited under subsection (1) above, and (b) the report made on those accounts by the auditor, shall be sent to each of the appropriate Ministers as soon as reasonably practicable after the report is received by the new Agency; and the Secretary of State shall lay before each House of Parliament a copy of those accounts and that report. (4) The Comptroller and Auditor General— (a) shall be entitled to inspect the contents of all accounts and accounting records of a new Agency; and (b) may report to the House of Commons the results of any inspection carried out by him under paragraph (a) above; and section 6 of the National Audit Act 1983 (examinations of economy, efficiency and effectiveness) accordingly applies to each new Agency. (5) In this section— “accounting records” has the same meaning as in section 45 above; “accounting year” has the same meaning as in section 45 above; “accounts”, in relation to the Agency, includes any statement under section 45 above. 47. The appropriate Minister may, with the approval of the Treasury, make to a new Agency grants of such amounts, and on such terms, as he thinks fit. 48.—(1) Each new Agency shall be entitled to borrow in accordance with the following provisions of this‘section, but not otherwise. (2) Subject to subsection (5) below, each new Agency may— (a) with the consent of the appropriate Minister, and (b) with the approval of the Treasury, borrow temporarily in sterling, by way of overdraft or otherwise, from persons other than the appropriate Ministers, such sums as it may require for meeting its obligations and carrying out its functions. (3) Subject to subsection (5) below, each new Agency may borrow from the appropriate Minister, by way of temporary loan or otherwise, such sums in sterling as it may require for meeting its obligations and carrying out its functions. (4) Any consent under subsection (2)(a) above may be granted subject to conditions. (5) The aggregate amount outstanding in respect of the principal of sums borrowed under this section by a new Agency shall not at any time exceed— PaRT I CHAPTER III 1985. ¢..6, 1983 c. 44. Grants to the new Agencies. Borrowing powers.
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