Coal Industry Act 1990
| Year | 1990 |
Coal Industry Act 1990
1990 CHAPTER 3
An Act to make new provision with respect to grants by the Secretary of State to the British Coal Corporation and further provision with respect to grants and loans under existing powers; and to make provision as to the licensing of coal working, searching and boring and the preservation of amenity in connection with opencast coal working.
[19th March 1990]
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:—
1 Deficiency grants to British Coal Corporation.
(1) The Secretary of State may, with the approval of the Treasury, make grants to the British Coal Corporation out of money provided by Parliament of amounts not exceeding in aggregate any accumulated group deficit at the end of the financial year of the Corporation ending in March 1990.
(2) For the purposes of this section, the Secretary of State shall give a direction under section 8(1) of the Coal Industry Act 1971 requiring the Corporation to prepare consolidated accounts for that financial year in such form as to identify any accumulated group deficit at the end of that year, disregarding any grant which may at any time be paid under this section; and in this section ‘accumulated group deficit’ means the amount so identified.
(3) Grants under subsection (1)—
(a) may be made subject to such conditions as the Secretary of State may with the approval of the Treasury determine; and
(b) may be made in advance of the preparation of the accounts mentioned in subsection (2), if the Secretary of State is satisfied that those accounts will show an accumulated group deficit exceeding the aggregate amount of the grants made under this paragraph.
2 Grants for workforce redeployment and reduction.
(1) Section 3 of the Coal Industry Act 1987 (which enables grants to be made to the British Coal Corporation towards expenditure on workforce redeployment and reduction etc. in respect of costs falling to be charged to certain accounts in respect of relevant financial years) shall have effect subject to the following amendments.
(2) In subsection (4)(a) (which defines ‘relevant financial year’ as any financial year ending not later than March 1992) for ‘1992’ there shall be substituted ‘1993’.
(3) In subsection (6) (which imposes a limit of 300 million on the aggregate amount of the grants, subject to increase by order up to 750 million) for ‘300’ and ‘750’ there shall be substituted respectively ‘1,250’ and ‘1,500’.
3 Repayment of loans to British Coal Corporation.
3. In subsection (5) of section 2 of the Coal Industry Act 1980(which provides that the Secretary of State must pay into the Consolidated Fund sums received by him under that section in respect of certain loans to the British Coal Corporation) for the words ‘under this section’ there shall be substituted the words ‘by virtue of any such direction’; and at the end of that subsection there shall be added the words ‘but any other sums received by him in respect of a sum lent by virtue of this section may be applied by him under subsection (1)...
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