s 4
(1) Subject to the provisions of this section, the Gas Council may borrow, from such persons and on such terms as the Minister 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 42(2) of the Gas Act 1948 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 amounts outstanding in respect of loans raised by the Gas Council and Area Gas Boards which is subject to the limit imposed by section 42(3) of the Gas Act 1948; but this Cu. 39 Gas and Electricity Act 1968 subsection shall not prevent the Gas Council 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 45 of the Gas Act 1948 (Treasury guarantees) shall have effect as if the reference to British Gas Stock, other than that issued for the purpose of satisfying a right to compensation which under that Act is expressly required to be satisfied by the issue of stock, included a reference to securities issued under this section, and section 44(1) to (3) (estimates of Area Boards’ requirements and allocation to them of liabilities in respect of British Gas Stock) and section 46 (central guarantee fund) of that Act shall have effect as if references to British Gas Stock included references to securities so issued. (4) The prohibition contained in subsection (4) of section 42 of the Gas Act 1948 of borrowing save as provided by that section shall not apply to borrowing under this section. (5) Nothing in this section shall be taken as exempting the Gas Council 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. Each of the following bodies, namely, the Electricity Council, the Central Electricity Generating Board, an Area Electricity Board in England and Wales, the Gas Council and an Area aS Board shall have power, with the consent of the Minister, and the North of Scotland Hydro-Electric Board and the South of Scotland Electricity Board shall have power, with the consent of the Secretary of State, to enter into and carry out agreements with the Minister of Overseas Development whereunder the body acts, at the expense of that Minister, as the instrument by means whereof technical assistance is furnished by him in exercise of the power conferred on him by section 1(1) of the Overseas Aid Act 1966.