British Steel Act 1988
Vesting of property etc. of British Steel Corporation in a successor company
1 Vesting of property etc. of British Steel Corporation in a successor company.
2 Reduction and subsequent extinguishment of Corporation’s public dividend capital.
Provisions relating to Government holdings in the successor company
3 Initial Government holding in the successor company.
4 Government investment in securities of the successor company.
5 Exercise of functions through nominees.
6 Target investment limit for Government shareholding.
Financial provisions relating to the successor company
7 Financial structure of the successor company.
8 Loans by Secretary of State to successor company.
9 Temporary restrictions on successor company’s borrowings etc.
Dissolution of the Corporation
10 Dissolution of the Corporation.
Supplementary provisions
11 Corporation tax.
12 Application of Trustee Investments Act 1961 in relation to investment in the successor company.
13 Orders.
14 Administrative expenses.
15 Interpretation.
16 Consequential amendments, repeals and transitional provisions.
17 Short title, commencement and extent.
SCHEDULES
SCHEDULE 1 Provisions supplementary to s.1
Provisions as to vesting of property etc. of Corporation
1Any agreement made, transaction effected or other thing done by,...
2Where immediately before the appointed day there is in force...
3(1) It is hereby declared for the avoidance of doubt...
Disqualification of certain directors of successor company
4In the House of Commons Disqualification Act 1975, in Part...
SCHEDULE 2 Repeals
Part I Repeals coming into force on appointed day
Part II Repeals coming into force on dissolution of Corporation
SCHEDULE 3 Transitional Provisions and Savings
Constitution of the Corporation
1During the transitional period section 1(3) of the 1982 Act...
Vesting of the Corporation’s foreign property etc. in the successor company
2(1) It shall be the duty of the Corporation and...
Application of enactments to certain continuing liabilities
3Where any loan made to the Corporation under section 17...
4(1) Where, as respects any financial year of the Corporation...
Treasury guarantees
5Subsections (2) to (5) of section 21 of the 1982...
Final reports and accounts of the Corporation
6(1) Notwithstanding the repeal of section 6(2) to (7) of,...
Accounts of the Secretary of State
7Notwithstanding the repeal of section 20 of the 1982 Act...
Pensions and compensation payments
8(1) The repeal by this Act of Schedule 3 to...
9(1) Any provisions of the Iron and Steel (Pensions) (Dependants)...
10(1) Where— (a) any regulations made under section 24 of...
Savings in connection with transfers to the Corporation
11The repeals made by this Act shall not affect—
Payment of dividend by successor company before laying or delivery of accounts
12(1) Where it is proposed to declare a distribution during...

British Steel Act 1988

1988 c. 35

An Act to provide for the vesting of the property, rights and liabilities of the British Steel Corporation in a company nominated by the Secretary of State and for the subsequent dissolution of the Corporation; and for connected purposes.

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:—