Coal Industry Act 1980

4New overall limit for grants under section 3 and certain other grants

(1)The following provisions of this section shall have effect in substitution for section 5 of the Act of 1977 (which imposes a limit on grants under sections 2 and 3 of that Act and section 8 of the [1973 c. 8.] Coal Industry Act 1973); and accordingly—

(a)for the words " the relevant period defined in section 5 of this Act" in sections 2(4) and 3(8) of that Act there shall be substituted the words " the relevant period defined in section 4 of the Coal Industry Act 1980 "; and

(b)for section 8(4) of the Coal Industry Act 1973 (as substituted by section 4 of the Act of 1977) there shall be substituted the following subsection—

“(4)The power to make grants under this section shall be exercisable as respects coking coal supplied during the relevant period defined in section 4 of the Coal Industry Act 1980, subject to the limit in that section.”.

(2)In section 3 of this Act and this section, in section 8 of the Coal Industry Act 1973 and in sections 2 and 3 of the Act of 1977 " the relevant period " means the financial years of the Board ending in March 1980, 1981, 1982 and 1983.

(3)Subject to subsection (4) below, the aggregate of the grants made under—

(a)section 3 of this Act;

(b)section 8 of the Coal Industry Act 1973 (excluding any grants as respects coking coal supplied during a financial year of the Board not within the relevant period); and

(c)sections 2 and 3 of the Act of 1977 (excluding any grants under section 2 for or by reference to any such year and any grants under section 3 towards costs incurred during any such year);

shall not exceed £525 million.

(4)The Secretary of State may with the approval of the Treasury, on one or more occasions, by order made by statutory instrument increase or further increase the limit under subsection (3) above, subject to a maximum of £590 million.

No order shall be made under this subsection unless a draft of the order has been approved by resolution of the Commons House of Parliament.