Industry Act 1972
| Jurisdiction | UK Non-devolved |
| Citation | 1972 c. 63 |
| Year | 1972 |
(1) Subject to the provisions of this section, the Secretary of State may, with the consent of the Treasury, guarantee the payment by any person who is an individual resident in, or a body corporate incorporated under the law of any part of, the United Kingdom, any of the Channel Islands or the Isle of Man of any sum payable by that person in respect of principal or interest under arrangements (whether by way of loan or otherwise) entered into by that person for the purpose of financing the construction to the order of that person F2in any Member State of a ship or mobile offshore installation of the qualifying size, and its equipment to his order.(2) The aggregate of the liability at any time of the Secretary of State under guarantees given by him under this section and section 7 of the (3) The said limit shall be £1,000 million, but the Secretary of State may by order made with the consent of the Treasury increase or further increase that limit to any sum not exceeding F4£1,800 million.(4) An order under this section shall be contained in a statutory instrument, and such an order shall not be made unless a draft of the order has been approved by a resolution of the Commons House of Parliament.(5) The Secretary of State may make a loan to any person who is the creditor in respect of a sum the payment of which has been guaranteed by the Secretary of State under this section or section 7 of the (6) The aggregate amount of loans outstanding under subsection (5) above shall not at any time exceed the aggregate of the liability of the Secretary of State at that time in respect of guarantees given under this section and section 7 of the any guarantee given under this section, including a guarantee previously renewed by virtue of this subsection,(7B) Two bodies corporate are in the same group for the purposes of subsection (7A) above if one is the other’s holding company or both are subsidiaries of a third body corporate.(8) References in this section to the liabilities of the Secretary of State do not include any liability in respect of interest on any principal moneys the payment of which is the subject of any guarantee given under this section or section 7 of the (9) In this section “construction” includes the completion of a partially constructed ship or installation F6and the alteration of a ship or installation and of a partially constructed ship or installationF7and “holding company” and “subsidiary” have the meanings assigned to them F28by section 1159 of the Companies Act 2006. The Secretary of State, with the consent of the Treasury, may make a grant, on such terms and conditions as he may determine, to any person who is or has been a creditor in respect of principal money the payment of which has been guaranteed under section 10 above or section 7 of the it has been constructed in the United Kingdom;its construction on the berth commenced before 1st January 1975;it has been delivered on or after 1st January 1972 by the person who contracted to construct it to the person entitled to receive it under the contract;it is of the qualifying size.on the date of commencement of construction on the berth, 10 per cent.;15 per cent.;20 per cent.;25 per cent.;20 per cent.;on the date of delivery, 10 per cent.if the relevant year is 1972, 10 per cent.;if the relevant year is 1973, 4 per cent.;if the relevant year is 1974, 3 per cent.(4) In any case where the interval between the commencement of construction on the berth and the date of delivery is not a number of days which is a multiple of five, the reference to five equal periods in subsection (2) above shall be taken to be a reference to five periods each consisting of a whole number of days determined by the Secretary of State, and of equal length so far as possible.(5) In calculating the amount of grant the Secretary of State may deduct from the contract price any such amount as in his opinion is attributable to equipment for the ship or
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