Export Guarantees Act 1957
| Jurisdiction | UK Non-devolved |
| Citation | 1957 c. 23 |
| Year | 1957 |
Export Guarantees Act, 1957
(5 & 6 Eliz. 2) CHAPTER 23
An Act to amend the Export Guarantees Acts, 1949 to 1952.
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 Raising of limit on guarantees under s. 2 of Export Guarantees Act, 1949.
1. In subsection (2) of section two of the Export Guarantees Act, 1949(which, as amended by the Export Guarantees Act, 1952, imposes a limit of one hundred and fifty million pounds in respect of guarantees given by the Board of Trade under that section) for the words ‘one hundred and fifty million pounds’ there shall be substituted the words ‘two hundred and fifty million pounds’.
2 Extension of power of Board of Trade to make arrangements for rendering economic assistance to countries outside U.K.
(1) In so far as the power of the Board of Trade under section two of the Export Guarantees Act, 1949, to make arrangements for giving guarantees to or for the benefit of persons carrying on business in the United Kingdom or to or for the benefit of companies directly or indirectly controlled by such persons is exercisable for the purpose of rendering economic assistance to countries outside the United Kingdom it shall include, and be deemed always to have included, power to make arrangements for facilitating the payment of sums payable under contracts with such persons or companies.
(2) Section three of the said Act of 1949 (which provides for the acquisition by the Board of Trade of securities guaranteed by them in the exercise of their powers under that Act) shall have effect, and be deemed always to have had effect, as if the references to such securities included references to securities created in pursuance of arrangements made in accordance with this section.
(3) Any amount paid by the Board of Trade for a security acquired by them under the said section three shall, while the security is held by them, be deemed for the purposes of section one, or as the case may be, section two of the said Act of 1949, to be included in the aggregate amount limited by that section; and the aggregate required to be shown by paragraph (b ) of section five of...
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