Coal Industry (No. 2) Act 1949
| Jurisdiction | UK Non-devolved |
Coal Industry (No. 2) Act, 1949
(12, 13 & 14 Geo. 6) CHAPTER 79
An Act to provide for the making to colliery concerns and subsidiaries of such concerns of further income payments for the period between the primary vesting date and the date on which compensation under the Coal Industry Nationalisation Act, 1946, in respect of transfers of transferred interests of the concerns and subsidiaries is satisfied in full, and for purposes connected therewith.
[16th December 1949]
Be it enacted by the King'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 Provision for further revenue payments to colliery concerns and subsidiaries.
(1) The following provisions of this section shall have effect with respect to the making to colliery concerns, and to subsidiaries of such concerns, of payments in respect of the year nineteen hundred and forty-nine and subsequent years towards satisfaction of the right to interim income conferred by subsection (2) of section nineteen of the Coal Industry Nationalisation Act, 1946 (hereinafter referred to as ‘the principal Act’).
(2) A colliery concern or a subsidiary of a colliery concern shall, in respect of the year nineteen hundred and forty-nine and in respect of any subsequent year before that in which compensation under the principal Act in respect of the transfer of the transferred interests of the concern or subsidiary is satisfied in full, be entitled to a payment of an amount equal to the amount by which one third of the comparable ascertained revenue of the concern, or of the subsidiary, as the case may be, attributable to activities thereof for which the transferred interests thereof were used or owned exceeds an amount equal to interest for the year in question on the aggregate amount of that compensation satisfied before the end of that year.
The rate of interest prescribed by order of the Treasury under paragraph (a ) of subsection (2) of section twenty-two of the principal Act which applies to any such year as aforesaid or to any part of such a year shall be the rate of interest for the purposes of this subsection as respects that year or that part of that year.
(3) A payment to which a colliery concern or a subsidiary of a colliery concern is entitled under the last foregoing...
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