Industry Act 1981
| Year | 1981 |
Industry Act 1981
1981 CHAPTER 6
An Act to increase financial limits which apply in connection with the National Enterprise Board, the Scottish Development Agency, the Welsh Development Agency and the Development Board for Rural Wales; to reduce the public dividend capital of the National Enterprise Board and of the two Agencies and the amount out-standing by way of loans made by the Secretary of State to the two Agencies; to provide for extending the period in relation to which schemes under the Shipbuilding (Redundancy Payments) Act 1978 operate; and to provide for financial support in connection with certain matters affecting industry.
[19th March 1981]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Financial limits
1 Financial limits relating to National Enterprise Board.
(1) The financial limit specified in subsection (2) of section 8 of the Industry Act 1975 (which was amended by section 1(2) of the Industry Act 1979 and Article 2 of the Financial Limits (National Enterprise Board and Secretary of State) Order 1980 ) shall be reduced to 750 million; and accordingly for subsection (2) there is substituted—
(2) The said limit shall be 750 million’.
(2) In section 8 of the Industry Act 1975, subsections (2A) to (2C) (Secretary of State's power by order to reduce the limit mentioned in subsection (2) of section 8) are hereby repealed.
(3) For subsections (3) and (4) of section 5 of the Industry Act 1980 (financial limit for purposes of section 3 of that Act and for purposes of that section and section 8(2) of the Industry Act 1975 taken together) there is substituted the following subsection—
(3) The financial limit for the purposes of section 3 of this Act is 4,400 million, but the Secretary of State may by order made with the consent of the Treasury provide for the limit specified in this subsection to be increased or further increased to an amount not exceeding 5,250 million.’
(4) Section 1(2) of the Act of 1979, and in section 5(1) of the Act of 1980 the words ‘section 8(2) of the Industry Act 1975’ and ‘the National Enterprise Board and’, are hereby repealed; and the Order of 1980 is hereby revoked.
2 Financial limits for Development Agencies and Development Board.
(1) In section 13(3) of the Scottish Development Agency Act 1975 (financial limit for the Agency) for the words ‘500 million’ (which were substituted by section 1(3) of the Industry Act 1979 ) there are substituted the words ‘700 million’.
(2) In section 18(3) of the Welsh Development Agency Act 1975 for the words ‘250 million’ (which were substituted by section 1(4) of the Act of 1979) there are substituted the words ‘450 million’.
(3) For subsection (2) of section 12 of the Development of Rural Wales Act 1976 there is substituted—
(2) The said limit is 100 million’;
and the Development Board for Rural Wales (Financial Limit) Order 1980(which increased the previous limit from 25 million to 40 million) is hereby revoked.
(4) Section 12(3) of the Development of Rural Wales Act 1976 and subsections (3) and (4) of section 1 of the Act of 1979 are hereby repealed.
Public dividend capital and government loans
3 Reduction of public dividend capital of National Enterprise Board and Development Agencies.
(1) The public dividend capital of the National Enterprise Board is hereby reduced by 32.4 million, that of the Scottish Development Agency by 7 million and that of the Welsh Development Agency by 2.9 million.
(2) ‘Public dividend capital’ means the amount of the capital which, immediately before the commencement of this section, was outstanding—
(a ) in the case of the Board, in respect of payments to the Board under paragraph 5 of Schedule 2 to the Industry Act 1975 (including sums treated as additions to that capital by paragraph 5(2));
(b ) in the case of the Scottish Development Agency, in respect of payments to the Agency under paragraph 1 of Schedule 2 to the Scottish Development Agency Act 1975 (including sums treated as additions to that capital by paragraph 1(2)); and
(c ) in the case of the Welsh Development Agency, in respect of payments to the Agency under paragraph 1 of Schedule 3 to the Welsh Development Agency Act 1975 (including sums treated as additions to that capital by paragraph 1(2)).
4 Reduction of government loan debt of Development Agencies.
(1) The government loan debt of the Scottish Development Agency is hereby reduced by 2 million and that of the Welsh Development Agency by 1 million; and any entitlement of the Secretary of State and any liability of either of the Agencies in respect of...
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