British Steel Act 1988
| Jurisdiction | UK Non-devolved |
| Citation | 1988 c. 35 |
| Year | 1988 |
(1) On such day as the Secretary of State may by order appoint all the property, rights and liabilities to which the British Steel Corporation was entitled or subject immediately before that day shall (subject to section 2(3) ) become by virtue of this section property, rights and liabilities of a company nominated for the purposes of this section by the Secretary of State; and references in this Act to the appointed day or to the successor company are references to the day so appointed or to the company so nominated respectively.(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(3) References in this Act to property, rights and liabilities of the Corporation are references to all such property, rights and liabilities, whether or not capable of being transferred or assigned by the Corporation.any reference in this Act to property of the Corporation is a reference to property of the Corporation whether situated in the United Kingdom or elsewhere; andany reference in this Act to rights or liabilities of the Corporation is a reference to rights to which the Corporation is entitled, or (as the case may be) liabilities to which the Corporation is subject, whether under the law of the United Kingdom or of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(6) Schedule 1 shall have effect for the purpose of supplementing the provisions of this section.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(5) The Secretary of State may not exercise any power conferred on him by this section, or dispose of any securities issued or of any rights to securities initially allotted to him in pursuance of this section, without the consent of the Treasury.(6) Any dividends or other sums received by the Treasury or the Secretary of State in right of, or on the disposal of, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.securities of the successor company; orrights to subscribe for any such securities.(2) The Secretary of State may not dispose of any securities or rights acquired by him by virtue of this section without the consent of the Treasury.(3) Any expenses incurred by the Treasury or the Secretary of State in consequence of the provisions of this section shall be paid out of money provided by Parliament.(4) Any dividends or other sums received by the Treasury or the Secretary of State in right of, or on the disposal of, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.securities of the successor company may be issued or allotted in pursuance of section 3 to any nominee of the Treasury or the Secretary of State appointed for the purposes of that section and may be issued to any person entitled to be issued with the securities following their initial allotment to any such nominee, andany such nominee appointed for the purposes of section 4 may acquire securities or rights under that section,(2) Any person holding any securities or rights as a nominee of the Treasury or the Secretary of State by virtue of subsection (1) shall hold and deal with them (or any of them) on such terms and in such manner as the Treasury or, with the consent of the Treasury, the Secretary of State may direct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) If the aggregate nominal value of the securities of the successor company issued in pursuance of section 3 is for the time being less than the amount of the Corporation’s public dividend capital extinguished by virtue of section 2(3) , a sum equal to the amount of the difference shall be carried by the successor company to a reserve (“the statutory reserve”) .
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