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Coal Industry Act 1980

Consolidated Text As Enacted Cited authorities 12 Cited in Amendments 54 Related
Vincent
JurisdictionUK Non-devolved
Citation1980 c. 50
Year1980
(1) In section 1(3) of the Coal Industry Act 1965 (2) In section 1(4) of that Act (limit on temporary borrowing by theBoard) for the words from “and” (immediately preceeding paragraph (b) ) to the end of the subsection there shall be substituted the words “with the approval of the Treasury”.(3) For section 1(8) of that Act there shall be substituted the following subsection— “ (8) An order shall not be made under subsection (3) of this section unless a draft of the order has been laid before the Commons House of Parliament and approved by a resolution of that House. ”(4) Amendments corresponding to those made by the preceeding provisions of this section shall be made in Part I of Schedule 1 to the Act of 1977 (which sets out section 1 of the Coal Industry Act 1965 (1) Sums required by the Secretary of State for making loans to the F1the British Coal Corporation under section 1(6) of the Coal Industry Act 1965 may be defrayed out of money provided by Parliament (as well as out of the National Loans Fund as provided by section 34(1) of the Coal Industry Nationalisation Act 1946) .payments of such amounts as he may direct in or towards repayment of any sums so lent; andif the Secretary of State so directs as respects any loan made by virtue of this section out of money provided by Parliament, or as respects any period during which any such loan remains outstanding, payments of interest on the sums lent at such rate as he may direct;for the purposes of that subsection be taken to be sums lent to the F1Corporation out of money provided by Parliament; andfor the purposes of section 1(3) of the Coal Industry Act 1965 be taken to be sums borrowed by the F1Corporation.(4) The approval of the Treasury shall be required for any direction given by the Secretary of State for the purposes of subsection (2) above.(5) Sums received by the Secretary of State F2by virtue of any such direction shall be paid into the Consolidated Fund F2but 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) above as money provided by Parliament.

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