Industry Act 1980
| Jurisdiction | UK Non-devolved |
| Citation | 1980 c. 33 |
| Year | 1980 |
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in subsection (2) , in paragraph (a) , at the end there shall be added the words “,and in that connection to provide, maintain or safeguard employment”;in subsection (3) , after paragraph (i) there shall be added—. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) This section applies to a company if the National Enterprise Board has at any time transferred to the Secretary of State a controlling interest in the company and the Secretary of State has not since that time ceased to hold such an interest in it.acquire securities of a company to which this section applies,make loans to such a company on such conditions and at such rates of interest as he may with that approval determine, andguarantee obligations (arising out of loans or otherwise) incurred by such a company.(3) The Secretary of State shall not determine a rate of interest in respect of a loan under subsection (2) (b) above which is lower than the lowest rate for the time being determined by the Treasury under section 5 of the National Loans Act 1968 in respect of comparable loans out of the National Loans Fund.particulars of the securities of the company held by the Secretary of State at the end of that year,the amount then outstanding, otherwise than by way of interest, in respect of any loans to the company made under paragraph (b) of subsection (2) above,particulars of guarantees then subsisting which were given under paragraph (c) of that subsection in respect of obligations incurred by the company, andany sums paid to meet guarantees so given, to the extent that they have not by then been repaid.if it is a private company, has sent to members copies of accounts in accordance with F29section 423 of the Companies Act 2006, orif it is a public company, has laid accounts before the company in general meeting in accordance with F30section 437 of that Act,(6) Any expenditure incurred by the Secretary of State under subsection (2) above may be defrayed out of money provided by Parliament; and any sums received by him by virtue of this section (including sums received on the disposal of securities acquired by virtue of this section) shall be paid into the Consolidated Fund.(7) In this section and in section 5 of this Act—
- (j) to promote the private ownership of interests in industrial undertakings by the disposal of securities and other property held by the Agency or any of their subsidiaries
- F31“company” means a company as defined in section 1(1) of the Companies Act 2006,
- “controlling interest” means, in relation to a company, shares carrying in the aggregate more than half the voting rights exercisable at general meetings of the company,
- “shares” includes stock,
- “subsidiary” means a subsidiary as defined by F32section 1159 of the Companies Act 2006,
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