Search Legislation

Advanced Search

Industry Act 1980

Status:

This is the original version (as it was originally enacted).

SCHEDULES

Section 17.

SCHEDULE 1Limits on Financial Assistance under Industry Act 1972 Section 8

1Part II of the [1972 c. 63.] Industry Act 1972 shall be amended as follows.

2In subsection (6) of section 8—

(a)after the word " section" in paragraph (a) there shall be inserted the words " , other than sums paid in respect of foreign currency guarantees, ";

(b)after the word " guaranteed " in paragraph (b) there shall be inserted the words " and of any liability under a foreign currency guarantee ";

(c)after the words " guarantee under this section " there shall be inserted the words " (other than a foreign currency guarantee) ".

3After subsection (7) of that section there shall be inserted—

“(7A)Subject to section 8A of this Act, the aggregate of—

(a)the liabilities of the Secretary of State under foreign currency guarantees (exclusive of any liability in respect of interest on a principal sum guaranteed by him under this section) and

(b)any sums paid by the Secretary of State in respect of foreign currency guarantees,

less any sums received by the Secretary of State by way of repayment of principal sums paid to meet foreign currency guarantees, shall not at any time exceed the limit specified in subsection (7B) below.

(7B)The said limit shall be 1,000 million special drawing rights, but the Secretary of State may, on not more than four occasions, by order made with the consent of the Treasury increase or further increase that limit by an amount specified in the order, being an amount not exceeding 500 million special drawing rights.

An order under this subsection 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.”

4In subsection (8) of that section after the word " project" there shall be inserted the words " , excluding sums paid or to be paid in respect of foreign currency guarantees, ".

5After subsection (8) of that section there shall be inserted—

“(9)In this section—

  • ' foreign currency' means any currency other than sterling, including special drawing rights;

  • ' foreign currency guarantee' means a guarantee given under this section by the Secretary of State under which his liability is measured in a foreign currency, whether or not it is to be discharged in a foreign currency, and for this purpose—

    (a)

    a liability measured in sterling but expressed to be subject to a limit in a foreign currency shall be taken to be measured in foreign currency, and

    (b)

    a liability measured in foreign currency but expressed to be subject to a limit in sterling shall be taken to be measured in sterling;

  • ' guarantee ' includes any form of insurance.”

6After section 8 there shall be inserted—

“8ALimit on foreign currency liabilities: supplementary provisions.

(1)The amount to be taken into account under section 8(7A) of this Act at any time in respect of a liability of the Secretary of State shall, if the amount of the liability is not expressed in special drawing rights, be the equivalent at that time in special drawing rights of the amount of the liability.

(2)The equivalent in special drawing rights of the amount of a liability shall be determined by the Secretary of State—

(a)by reference to the day on which the guarantee is given, and

(b)by reference to the last day of each quarter at the end of which the guarantee remains in force,

and shall be so determined having regard to what appears to him to be the appropriate rate of exchange.

(3)A determination made under subsection (2)(a) above shall take effect as from the day by reference to which it is made and (unless it ceases to be required at an earlier date) shall remain in force until the end of the quarter in which the guarantee is given.

(4)A determination made by reference to the last day of the quarter under subsection (2X6) above shall take effect as from the end of that quarter and (unless it ceases to be required at an earlier date) shall remain in force throughout the next succeeding quarter.

(5)The amount to be taken into account under section 8(7A) of this Act in respect of a sum paid or received by the Secretary of State otherwise than in special drawing rights shall be an amount determined by him, by reference to the day of payment or receipt and having regard to what appears to him to be the appropriate rate of exchange, as being the equivalent in special drawing rights of that sum.

(6)The limit imposed by section 8(7A) of this Act may be exceeded if the excess is attributable only to, or to a combination of.—

(a)a quarterly revaluation;

(b)the Secretary of State's liability under a guarantee given in pursuance of a previous undertaking of his, so far as the amount to be taken into account for the purposes of the limit in respect of the liability exceeds what it would have been if determined by reference to the day on which the undertaking was given ;

(c)a payment made by the Secretary of State under a guarantee, so far as the amount to be taken into account for the purposes of the limit in respect of the payment exceeds what it would have been if determined by reference to the day on which the guarantee was given.

(7)In this section—

  • ' guarantee ' has the same meaning as in section 8 of this Act;

  • ' quarter ' means a quarter ending with 31st March, 30th June, 30th September or 31st December in any year;

  • ' quarterly revaluation ' means a determination made under subsection (2)(b) above.”

Section 21.

SCHEDULE 2Repeals

ChapterShort TitleExtent of Repeal
1972 c. 5.The Local Employment Act 1972.

In section 11—

  • subsections (1) to (3); in subsection (4), the words from " but " to " Secretary of State";

  • subsections (6), (7) and (10)(a).

In section 13—

  • in subsection (1), the words from " or vested" to " 1960 ";

  • in subsection (2), the words from " or vested" to " 1960 " and the words " or vested in ".

In Schedule 2, paragraph 2.
1972 c. 63.The Industry Act 1972.In section 3(2)(a), the words from " or vary the " to " this Act".
In section 9, the subsection (5) inserted by paragraph 3 of Schedule 4 to the Scottish Development Agency Act 1975.
Section 13(6).
In section 16(1)(a), the words from " and section 5" to " Agency Act 1975 ".
1975 c. 68.The Industry Act 1975.Section 1(8).
In section 2(2), in paragraph (b) the words " reorganisation or ", and paragraphs (c) and (d).
Section 4.
In section 8, in subsection (2) the words from " but" to the end, and subsection (3).
Section 10(3).
Section 21.
In section 22, the words from " and " to the end.
Sections 28 to 34.
In section 37(1), the definitions of " the Ministers" and " planning agreement".
In section 39(5), paragraph (6) and the word " and" immediately preceding it, and the words from " and the latter Act" to the end.
In Schedule 2, paragraph 8(3).
In Schedule 4, paragraphs 1(a), 2(a), 2(b)(i), 3 and 4, and Part II.
In Schedule 5. paragraph 9.
Schedule 6.
1975 c. 69.The Scottish Development Agency Act 1975.Section 2(1)(b).

In section 2(2)—

  • in paragraph (c) the word " reorganisation ";

  • paragraph (f);

  • at the end of paragraph (h), the word " and ".

Section 5.

In section 13—

  • in subsection (2)(d), the words from "otherwise" to "Act";

  • in subsection (3), the words from " but " to the end;

  • subsection (4);

  • in subsection (5)(a), subparagraph (iii) and the word " or" immediately preceding it.

Section 14(3).
In section 17, the words from " with " to the end.
Section 18.
In section 20(5), the words " section 5 of this Act and ".

In Schedule 2—

  • in paragraph 3(1), the words from " other than" to " Act";

  • in paragraph 7(2), paragraph (b) and the word " or" immediately preceding it;

  • paragraph 7(5).

In Schedule 4, paragraphs 3 and 4.
1975 c. 70.The Welsh Development Agency Act 1975.Section 1(2)(c).

In section 1(3)—

  • in paragraph (d) the word "reorganisation ";

  • paragraph (e);

  • at the end of paragraph (h), the word " and ".

In section 1(11), the words from "in connection" to "above".
Section 3.
Section 12.

In section 18—

  • in subsection (2)(d), the words " otherwise than under section 12 above ";

  • in subsection (3), the words from " but" to the end;

  • subsection (4);

  • in subsection (5)(o), subparagraph (iii) and the word " or" immediately preceding it.

In section 19, in subsection (3) the words " Subject to subsection (4) below ", and subsection (4).
Section 20(3).

In Schedule 3—

  • in paragraph 2(a), the words from " without" to " above";

  • paragraph 3(4);

  • in paragraph 7(2), paragraph (b) and the word "or " immediately preceding it;

  • paragraph 7(5);

  • in paragraph 9(3), the words from " which was" to " but".

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

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

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