Shipbuilding Credit Act 1964
| Jurisdiction | UK Non-devolved |
| Citation | 1964 c. 7 |
| Year | 1964 |
Shipbuilding Credit Act 1964
1964 CHAPTER 7
An Act to enable the Minister of Transport to make loans for the purpose of providing finance for the construction or alteration of ships in shipyards situated in the United Kingdom, any of the Channel Islands or the Isle of Man and the equipment of the resulting ships.
[27th February 1964]
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 Power to make loans for construction or alteration of ships.
(1) Subject to this section the Minister may with the consent of the Treasury, and after consultation with an advisory committee appointed by the Minister, lend to any person who is qualified to receive loans under this section such a sum as may be agreed between the Minister and that person for the purpose of the carrying out to that person's order in a shipyard situated in the United Kingdom, any of the Channel Islands or the Isle of Man of one of the following projects, that is to say—
(a ) the construction of a ship of not less than one hundred tons gross tonnage, or
(b ) the alteration of such a ship, whether the alteration is designed to convert it into a different kind of ship or not,
and for the purpose, in either case, of the equipment of the resulting ship.
(2) A person is qualified to receive loans under this section if, and only if, he is an individual resident in, or a body corporate established under the law of, any part of the United Kingdom, any of the Channel Islands or the Isle of Man.
(3) A loan shall not be made under this section to a person—
(a ) in respect of the construction of a ship, if under the enactments relating to the sea fishing industry there is (whether by virtue of any scheme for the time being in force thereunder or otherwise) power to make any grant or loan to him in respect of the provision or acquisition of that ship; or
(b ) in respect of the alteration of a ship, if under the said enactments there is (whether by virtue of any such scheme or otherwise) power to make any grant or loan to him in respect of the alteration or anything proposed to be done as part of the alteration.
(4) Any number of loans under this section may be made to the same person.
(5) Every loan made by the Minister under this section shall carry...
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