187 Construction industry: grants and guarantees.E+W
(1)The Secretary of State may, for the purpose of promoting or facilitating the carrying on of any of the activities specified in subsection (2) below, do one or both of the following, that is to say—
(a)make grants to any person who carries on any such activities;
(b)guarantee the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with sums borrowed temporarily by any such person.
(2)The activities mentioned in subsection (1) above are—
(a)the assessment of, and of applications of, materials, products, systems and techniques used or proposed for use in the construction industry; and
(b)the issue of certificates, promotion of common standards and publication of information with respect to any such materials, products, systems or techniques.
(3)The consent of the Treasury shall be required for the exercise by the Secretary of State of his power under this section to make a grant or give a guarantee; but, subject to that consent and to the following provisions of this section, that power shall be a power to make a grant or give a guarantee in such manner and on such conditions as he thinks fit.
(4)Immediately after a guarantee is given under this section, the Secretary of State shall lay a statement of the guarantee before each House of Parliament.
(5)Where any sums are paid out in fulfilment of a guarantee given under this section in respect of any person’s borrowing, that person shall make to the Secretary of State, at such times and in such manner as the Secretary of State may, with the consent of the Treasury, from time to time direct—
(a)payments, of such amounts as the Secretary of State may so direct, in or towards repayment of those sums; and
(b)payments of interest, at such rate as the Secretary of State may so direct, on what is outstanding for the time being in respect of those sums.
(6)As soon as possible after the end of any financial year in which—
(a)any sums are paid out in fulfilment of a guarantee given under this section, or
(b)any liability in respect of the principal of sums so paid out, or in respect of interest on any such sums, is outstanding,
the Secretary of State shall lay before each House of Parliament a statement relating to the sums.