Export Guarantees Act 1949
| Jurisdiction | UK Non-devolved |
| Citation | 1949 c. 14 |
| Year | 1949 |
Export Guarantees Act , 1949
(12, 13 & 14 Geo. 6) CHAPTER 14
An Act to make further provision with respect to the powers of the Board of Trade to give guarantees in connection with overseas transactions; and for purposes connected with the matters aforesaid.
[9th March 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 Export guarantees.
(1) For the purpose of encouraging trade with places outside the United Kingdom, the Board of Trade after consultation with the Advisory Council may with the consent of the Treasury make arrangements for giving guarantees to, or for the benefit of, persons carrying on business in the United Kingdom, being guarantees in connection with the export, manufacture, treatment or distribution of goods, the rendering of services, or any other matter which appears to the Board of Trade conducive to the said purpose.
(2) In this section the expression ‘trade with places outside the United Kingdom’ includes any transaction involving a consideration in money or money's worth accruing from a person carrying on business or other activities outside the United Kingdom to a person carrying on business in the United Kingdom.
(3) The Export Guarantees Advisory Council constituted for the purposes of the Export Guarantees Act, 1939, shall be continued by the Board of Trade for the purposes of this Act, and in subsection (1) of this section the expression ‘Advisory Council’ means the said Council.
(4) The aggregate amount of the liability at any time of the Board of Trade in respect of guarantees given under this section and under the repealed enactments, excluding guarantees given under the Overseas Trade Guarantees Act, 1939, or under section four of the Export Guarantees Act, 1939, shall not exceed the sum of five hundred million pounds.
2 Further power to give guarantees in national interest.
(1) For the purpose specified in subsection (1) of the foregoing section, or for the purpose of rendering economic assistance to countries outside the United Kingdom, the Board of Trade may with the consent of the Treasury make arrangements for giving such guarantees to, or for the benefit of, persons carrying on business in the United Kingdom as appear to the Board to be expedient in the national interest.
(2) The aggregate amount of the liability at any time of the Board of Trade in respect of guarantees given under this section, under the Overseas Trade Guarantees Act, 1939, and under section four of the Export Guarantees Act, 1939, shall not exceed the sum of one hundred million pounds.
3 Power of Board of Trade to acquire securities guaranteed by the Board.
(1) The Board of Trade may, with the consent of the Treasury, acquire any securities which the Board have guaranteed in the exercise of their powers under this Act, or, before the passing of this Act, in the exercise of their powers under the Export Guarantees Acts, 1939 to 1948, or the Overseas Trade Guarantees Act, 1939, and may, with such consent as aforesaid,—
(a ) hold any such security so acquired for such period as they think fit and collect any sums falling due, whether by way of principal or of interest, in respect thereof; and
(b ) dispose of any such security so acquired at such time and in such manner as they think fit.
(2) The Treasury may from time to time issue to the Board of Trade out of the Consolidated Fund, on such terms and conditions with respect to repayment and payment of interest and otherwise as the Treasury may think fit, such sums as may be required to enable the Board to acquire securities under subsection (1) of this section, and for the purpose of providing for the issue of such sums, or any part of such sums, or for the replacement of all, or any part, of sums so issued, the Treasury may from time to time raise money in any manner in which they are authorised to raise money under the National Loans Act, 1939, and any securities created and issued to raise money under this subsection shall be deemed for all purposes to have been created and issued under that Act.
(3) The Acquisition of Guaranteed Securities Fund (hereafter in this section referred to as ‘the Fund’) established under...
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