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Export Guarantees and Overseas Investment Act 1978

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This is the original version (as it was originally enacted).

Overseas Investment

11Arrangements for meeting non-commercial risks

(1)The Secretary of State may with the consent of the Treasury make such arrangements as are provided for by this section for the purpose of insuring investment overseas against the risk of war, expropriation, restrictions on remittances and such other risks as appear to the Secretary of State not to be commercial risks.

(2)The Secretary of State may under the arrangements enter into agreements with persons carrying on business in the United Kingdom or with companies controlled by such persons, under which the Secretary of State undertakes to indemnify the other party to the agreement against any loss of a description specified in the agreement which arises in connection with an investment of resources by that party, or by a company controlled by that party, in an enterprise carried on wholly or partly in a country other than the United Kingdom.

(3)Any such arrangements may include provision for an agreement in pursuance of the arrangements to contain such terms as the Secretary of State considers appropriate in the circumstances of the case.

(4)The aggregate of the liabilities at any time of the Secretary of State under this section shall not exceed the limit specified in subsection (5) below.

(5)The said limit shall be £250 million, but the Secretary of State may, on not more than two occasions, by order made with the consent of the Treasury, increase or further increase that limit by a sum specified in the order, being a sum not exceeding £250 million.

(6)The Secretary of State shall publish quarterly a return showing the aggregate amount of the liabilities assumed by him under this section since the date of the last previous return under this subsection.

(7)As soon as may be after 31st March in each year the Secretary of State shall prepare a report on the discharge of his functions under this section and shall lay the report before Parliament

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