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Clause 12—(Power Of Board To Borrow)

Volume 389: debated on Thursday 6 May 1943

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I beg to move, in page 9, line 26, after "subsection" to insert "and the interest thereon."

The Clause already provides for money borrowed by the new Board being secured on the Board's undertaking, but it does not specifically provide for the interest being secured, and, in order to remove any doubt on the matter, I move the insertion of these words.

Amendment agreed to.

I beg to move, in page 9, line 35, at the end, to add:

"Provided that such suspension shall not be for a longer period than five years from the commencement of the financial year next after that in which such expenditure is incurred."
This is merely to limit the period during which the operation of the suspension of the annual provision for the repayment of borrowed money shall last. I understand it has the approval of the Government.

These words are on the same lines as the proviso in Section 27 of the Electricity Act, 1926, and we think they ought to appear in this Bill also.

Amendment agreed to.

Clause, as amended, ordered to stand part of the Bill.