Pensions Act 2004
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Change 1
115 Borrowing
(1) The Board may— (a) borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions; (b) give security for any money borrowed by it. (2) The Board may not borrow under this section if the effect would be— (a) to take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, or (b) to increase the amount by which the aggregate amount so outstanding exceeds that limit. (3) In this section— “borrowing limit” means such limit as the Secretary of State may specify by order; “deposit-taker” means— a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ... ... (4) The definition of “deposit-taker” in subsection (3) must be read with— (a) section 22 of the Financial Services and Markets Act 2000, (b) any relevant order under that section, and (c) Schedule 2 to that Act.
115 Borrowing
(1) The Board may— (a) borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions; (b) give security for any money borrowed by it. (2) The Board may not borrow under this section if the effect would be— (a) to take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, or (b) to increase the amount by which the aggregate amount so outstanding exceeds that limit. (3) In this section— “borrowing limit” means such limit as the Secretary of State may specify by order; “deposit-taker” means— a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ... ... (4) The definition of “deposit-taker” in subsection (3) must be read with— (a) section 22 of the Financial Services and Markets Act 2000, (b) any relevant order under that section, and (c) Schedule 2 to that Act.
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