59Borrowing

59 Borrowing

Borrowing by the Corporation (1) The Corporation must not borrow money for a purpose in connection with the Corporation’s investment functions unless the borrowing is authorised: (a) by subsection (2) or (3); or (b) under section 57 of the Public Governance, Performance and Accountability Act 2013. (2) The Corporation is authorised to borrow money for a purpose in connection with the Corporation’s functions if: (a) the purpose of the borrowing is to enable the Corporation to cover settlement of a transaction in connection with the Corporation’s functions; and (b) at the time the decision was made to enter into the transaction, it was likely that the borrowing would not be needed; and (c) the period of the borrowing does not exceed 7 days. (3) The Corporation is authorised to borrow money for a purpose in connection with the Corporation’s functions if the borrowing takes place in the circumstances (if any) prescribed by the rules. Borrowing by subsidiaries (5) A wholly‑owned subsidiary of the Corporation may borrow money from the Corporation (and the borrowing need not comply with subsection (2) or (3)). (6) Section 86 of the Public Governance, Performance and Accountability Act 2013 (which deals with subsidiaries of corporate Commonwealth entities) does not apply to the Corporation in relation to borrowings by subsidiaries authorised by subsection (5).