Search Legislation

Industry Act 1979

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Industry Act 1979

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Industry Act 1979. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Legislation Crest

Industry Act 1979

1979 CHAPTER 32

An Act to make provision with respect to the limits on sums borrowed by, or paid by Ministers of the Crown to, the National Enterprise Board, the Scottish Development Agency and the Welsh Development Agency and subsidiaries of theirs, on sums paid by the Treasury in pursuance of guarantees of loans to the Board or either of those Agencies and on loans guaranteed by the Board or either of those Agencies or subsidiaries of the Scottish Development Agency.

[4th April 1979]

Modifications etc. (not altering text)

C1Act in so far as relating to the Scottish Development Agency Act 1975 repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Commencement Information

I1Act wholly in force at Royal Assent.

1 Increase in limits on loans, etc. , to National Enterprise Board, Scottish Development Agency and Welsh Development Agency. U.K.

(1)The following enactments, that is to say, F1. . . section 13 of the M1Scottish Development Agency Act 1975 and section 18 of the M2Welsh Development Agency Act 1975 (limits on loans made and capital made available to F1. . . the Scottish Development Agency and the Welsh Development Agency and their wholly owned subsidiaries, and guarantees by, and in respect of loans to, F1. . . those Agencies and any such subsidiary of the Scottish Development Agency) shall be amended in accordance with the following provisions of this section.

(2)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(5)In sections F1. . . 13 and 18, for the words “wholly owned subsidiaries” and “wholly owned subsidiary”, wherever occurring, there shall be substituted the words “ subsidiaries ” and “ subsidiary ” respectively.

(6)In sections F1. . .13(5)(b) and 18(5)(b) (which bring within the relevant limit sums borrowed by a subsidiary of F1. . . either of the Agencies only when it was such a subsidiary) for the words “when it was such a subsidiary” there shall be substituted the words “ (whether or not it was such a subsidiary at the time any such sum was borrowed) ”.

(7)In accordance with the foregoing provisions of this section sections F1. . . 13 and 18 shall have effect as set out in the Schedule to this Act.

Textual Amendments

F1Words and figures in s. 1(1)(5)(6)(7) repealed (6.1.1992.) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Schedule 2 PartI; S.I. 1991/2721, art.2

Modifications etc. (not altering text)

C2The text of s. 1 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

2 Short title, etc.U.K.

(1)This Act may be cited as the Industry Act 1979.

(2)M3The National Enterprise Board (Financial Limit) Order 1978 is hereby revoked.

Modifications etc. (not altering text)

C3The text of ss. 1, 2(2) and the Schedule is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

Section 1(7).

SCHEDULEU.K. 1975 ENACTMENTS AS AMENDED

Modifications etc. (not altering text)

C4The text of ss. 1, 2(2) and the Schedule is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

[F3Industry Act 1975 (c.68)]U.K.

Textual Amendments

F48U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scottish Development Agency Act 1975 (c. 69)U.K.

Finances of the Agency.U.K.

13(1)Schedule 2 to this Act (Financial and Administrative Provisions relating to the Agency) shall have effect with respect to the finances of, and certain administrative matters relating to, the Agency.

(2)The aggregate amount outstanding, otherwise than by way of interest, in respect of—

(a)the general external borrowing of the Agency and their subsidiaries;

(b)sums issued by the Treasury in fulfilment of guarantees under paragraph 6 of Schedule 2 below and not repaid to the Treasury ;

(c)sums paid to the Agency by the Secretary of State out of monies provided by Parliament less repayments to the Secretary of State by the Agency (other than payments made by virtue of paragraph 1(3) of Schedule 2 to this Act) and less such sums paid in respect of the administrative expenses of the Agency;

(d)loans guaranteed by the Agency otherwise than under section 5 of this Act and loans guaranteed by a subsidiary of the Agency ;

shall not exceed the limit specified in subsection (3) below.

(3)The said limit shall be £500 million, but the Secretary of State may, by order made with the consent of the Treasury, raise the limit to £800 million.

(4)Such an order shall not be made unless a draft of it has been approved by resolution of the House of Commons.

(5)In subsection (2) above, “general external borrowing” means—

(a)in relation to the Agency, sums borrowed by them other than—

(i)sums borrowed from a body corporate which is one of the Agency’s subsidiaries at the time of the loan;

(ii)any sums mentioned in subsection (2)(b) above; or

(iii)sums borrowed by the Agency for the purpose of giving assistance under section 5 of this Act; and

(b)in relation to a subsidiary of the Agency, sums borrowed by it (whether or not it was such a subsidiary at the time any such sum was borrowed) other than sums borrowed from the Agency or from another subsidiary ;

but does not include any debt assumed by the Agency under paragraph 7(1) of Schedule 2 to this Act.

Welsh Development Agency Act 1975 (c. 70)U.K.

Finances of the AgencyU.K.

18(1)Schedule 3 to this Act shall have effect.

(2)The aggregrate amount outstanding, otherwise than by way of interest, in respect of —

(a)the general external borrowing of the Agency and their subsidiaries;

(b)sums issued by the Treasury in fulfilment of guarantees under paragraph 6 of Schedule 3 below and not repaid to the Treasury;

(c)sums paid to the Agency by the Secretary of State out of money provided by Parliament less repayments to the Secretary of State by the Agency and less such sums paid in respect of the administrative expenses of the Agency ;

(d)loans guaranteed by the Agency otherwise than under section 12 above ;

shall not exceed the limit specified in subsection (3) below.

(3)The said limit shall be £250 million but the Secretary of State may by order made with the consent of the Treasury raise the limit to £400 million.

(4)Such an order shall not be made unless a draft of it has been approved by resolution of the House of Commons.

(5)In subsection (2) above “general external borrowing” means—

(a)in relation to the Agency, sums borrowed by them other than—

(i)sums borrowed from a body corporate which is one of the Agency’s subsidiaries at the time of the loan ;

(ii)any sums mentioned in subsection (2)(b) above ; or

(ii)sums borrowed by the Agency for the purpose of giving assistance under section 12 above ; and

(b)in relation to a subsidiary of the Agency, sums borrowed by it (whether or not it was such a subsidiary at the time any such sum was borrowed) other than sums borrowed from the Agency or from another subsidiary ;

but does not include any debt assumed by the Agency under paragraph 7(1) of Schedule 3 to this Act.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources