92 Temporary restrictions on borrowings etc by the group
Water Act 1989 (1989 c 15) | Legislation

92  Temporary restrictions on borrowings etc by the group

(1)     The aggregate amount outstanding in respect of the principal of the relevant borrowing of a group to which a successor company belongs shall not, at any time when the company is wholly owned by the Crown, exceed £1,400 million or such greater sum, not exceeding £1,800 million, as the Secretary of State may specify by order made by statutory instrument.

(2)     The power to make an order under subsection (1) above shall include power to specify different amounts in relation to different groups; and no order shall be made under that subsection unless a draft of the order has been laid before the House of Commons and has been approved by a resolution of that House.

(3)     If articles of association of a successor company or

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