771. Treasury guarantees.

771.     Treasury guarantees.

The Treasury1 may guarantee the repayment of the principal of, the payment of interest on, and the discharge of any other financial obligation relating to, any sums which the Civil Aviation Authority ('CAA') borrows from a person other than the Secretary of State2. Sums required by the Treasury for fulfilling these guarantees are charged on and issued out of the Consolidated Fund3. Where sums are issued in fulfilment of such a guarantee, the CAA must make such payments as the Treasury directs towards repayment of those sums and payment of interest