s 9 Limit on borrowing investment
(1) Subject to subsections (2) and (3) of this section, the aggregate of— (a) the amount outstanding in respect of the principal of moneys borrowed by the Board (including the loan mentioned in paragraph (a) of the preceding section) ; an (b) the payments made to the Board under section 7(1) of this Act (including the payment mentioned in paragraph (b) of the preceding section), shall not at any time exceed £700 million. (2) The following sums shall be disregarded for the purposes of the preceding subsection, that is to say— (a) such part of the payment mentioned in paragraph (b) of the preceding section as represents the sums in respect of which directions were given under section 14(3)(b) of the Act of 1967 (which provided for certain sums in BOAC’s reserve fund to be treated as paid by the Secretary of State under that section) ; (b) any sum which is the subject of directions under section 14(1)(b) of this Act. (3) Nothing in subsection (1) of this section shall prevent the Board from borrowing in excess of the limit imposed by that subsection for the purpose of paying off a loan or redeeming stock which the Board is required or entitled to redeem. (4) Sections 5 to 7 of this Act shall have effect subject to the preceding provisions of this section.