Air Corporations [Money]

Orders of the Day — Air Corporations Bill – in the House of Commons at 12:00 am on 4th April 1968.

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Queen's Recommendation having been signified

Resolved,That, for the purposes of any Act of present Session to raise the limits on the amounts which the British European Airways Corporation may borrow, it is expedient to authorise any increase in the sums falling to be paid out of or into the National Loans Fund or the Consolidated Fund which is attributable to provisions of that Act—

  1. (1) raising the limits imposed by section 22(1) of the Air Corporations Act, 1967 on the amounts which the Corporation may borrow from £110 million or such greater sum not exceeding £125 million as may be specified by the Board of Trade to £210 million or such greater sum not exceeding £240 million as may be so specified;
  2. (2) authorising the Corporation to borrow from the Board of Trade, within the limits aforesaid, any sums which are required by the Corporation for the purpose of financing any accumulated deficit of the Corporation on revenue account which has accrued at any time before the end of March, 1970 to the extent to which that deficit does not exceed £10 million) and any sums required to repay sums borrowed from the Board of Trade for that purpose.—[Mr. P. W. Mallalieu.]