s 3 Power of Scottish Electricity
(1) Subject to the provisions of this section, the Scottish Electricity Boards may borrow, from such persons and on such terms as the Secretary of State may, with the approval of the Treasury, from time to time specify, any sums of foreign currency by the issue of stock, bonds or other securities under this section for all or any of the purposes mentioned in section 12(2) of the Hydro-Electric Development (Scotland) Act 1943 and_ the redemption of securities previously issued under this section, and they may create and issue securities required for the purpose of borrowing money in manner aforesaid. (2) The amount outstanding in respect of the principal of any securities issued under this section shall be included in the aggregate of the amounts outstanding in respect of loans raised by the Scottish Electricity Boards which is subject to the limit imposed by section 47(7) of the Electricity Act 1947; but this subsection shall not prevent the Scottish Electricity Boards from borrowing in excess of the said limit for the purpose of redeeming any securities issued under this section which they are required or entitled to redeem. (3) Section 14 of the Hydro-Electric Development (Scotland) Act 1943 (power of Treasury to guarantee loans to Scottish Electricity Boards) shall apply to any loan proposed to be raised by the Scottish Electricity Boards under this section. (4) Nothing in this section shall be taken as exempting the Scottish Electricity Boards from the provisions of any order under section 1 of the Borrowing (Control and Guarantees) Act 1946 or from the provisions of the Exchange Control Act 1947. (5) In this section “‘ the Scottish Electricity Boards ’’ means the North of Scotland Hydro-Electric Board and the South of Scotland Electricity Board.