Industry Act 1975

1. Introductory Text

2. PART I National Enterprise Board

   1. Establishment of Board

      1. 1. The National Enterprise Board

      2. 2. General purposes and functions

      3. 3. Exercise by Board of powers to give selective financial assistance under Industry Act 1972

      4. 4. Overseas aid

      5. 5. Transfer of publicly owned property to Board

      6. 6. Financial duties of Board

      7. 7. General power of Secretary of State to give Board directions

   2. Limits on Board's powers

      1. 8. Financial limits

      2. 9. The Board and the media

      3. 10. Other limits on Board's powers

3. PART II Powers in relation to Transfers of Control of Important Manufacturing Undertakings to Non-Residents

   1. 11. General extent of powers in relation to control of important manufacturing undertakings

   2. 12. Meaning of " change of control "

   3. 13. Power to make orders

   4. 14. Notices to extend vesting orders to other holdings

   5. 15. Parliamentary control of orders

   6. 16. Contents of vesting orders

   7. 17. Remedies for contravention of prohibition orders

   8. 18. Territorial scope of orders

   9. 19. Compensation orders

   10. 20. Arbitration of disputes relating to vesting and compensation orders

4. PART III Planning Agreements Etc

   1. Planning agreements

      1. 21. Financial assistance under Industry Act 1972 for bodies corporate which make planning agreements

   2. Selective financial assistance

      1. 22. Extension of powers to give selective financial assistance under Industry Act 1972

   3. Shipbuilding

      1. 23. Increase in limit on credits

      2. 24. Renewal of guarantees

      3. 25. Grants to supplement interest

   4. Amendment of Development of Inventions Act 1967

      1. 26. Relaxation of requirements as to approval of activities of the National Research Development Corporation

5. PART IV Disclosure of Information

   1. Disclosure by Government

      1. 27. Disclosure of information by Government

   2. Disclosure by Companies

      1. 28. Persons to whom duty to disclose information applies

      2. 29. Meaning of " representative" and " authorised representative "

      3. 30. Duty to give information to Minister

      4. 31. Information for trade unions

      5. 32. Release from duty to disclose information to trade union

      6. 33. Confidentiality

      7. 34. Offences

6. PART V General and Supplementary

   1. 35. Expenses

   2. 36. Service of documents

   3. 37. Interpretation

   4. 38. Orders

   5. 39. Citation etc.

7. SCHEDULES

   1. SCHEDULE 1

      The National Enterprise Board

      1. Appointment and tenure of members

         1. 1. It shall be the duty of the Secretary of State—...

         2. 2. Subject to the following provisions of this Schedule, a person...

         3. 3. A person may at any time resign his office as...

         4. 4. Where a member becomes or ceases to be the chairman...

         5. 5. If the chairman or a deputy chairman ceases to be...

         6. 6. (1) If the Secretary of State is satisfied that a...

      2. Remuneration etc.

         1. 7. The Board shall pay to each member such remuneration as...

         2. 8. The Board shall make such provision as may be determined...

         3. 9. Where a person ceases to be a member otherwise than...

         4. 10. (1) Without prejudice to section 2(3) above, the Board may,...

      3. Disqualification of members of the Board for House of Commons

         1. 11. In Part II of Schedule 1 to the House of...

      4. Proceedings

         1. 12. The quorum of the Board and the arrangements relating to...

         2. 13. (1) A member who is in any way directly or...

         3. 14. The validity of any proceedings of the Board shall not...

      5. Incorporation of Board and Execution of Instruments and Contracts

         1. 15. The Board shall be a body corporate.

         2. 16. The fixing of the common seal shall be authenticated by...

         3. 17. A document purporting to be duly executed under the seal...

      6. Stamp Duty

         1. 18. (1) Stamp duty shall not be chargeable on any instrument...

      7. Acquisition of holdings of minority shareholders

         1. 19. Section 209 of the Companies Act 1948 (power to acquire...

      8. Circulars

         1. 20. Section 14(1) of the Prevention of Fraud (Investments) Act 1958...

   2. SCHEDULE 2

      Financial and Administrative Provisions Relating to Board

      1. Borrowing Powers

         1. 1. (1) The Board may borrow money only—

      2. Government loans to the Board

         1. 2. (1) The Secretary of State may lend to the Board...

      3. Borrowing by wholly owned subsidiaries

         1. 3. It shall be the duty of the Board to secure...

      4. Guarantees

         1. 4. (1) The Treasury may guarantee, in such manner and on...

      5. Other Government investment in the Board

         1. 5. (1) The Secretary of State may pay to the Board...

      6. The Boards Capital Debt

         1. 6. (1) Upon any acquisition to which this paragraph applies, the...

      7. Accounts and audit

         1. 7. (1) The Board shall keep proper accounts and proper records...

      8. Annual report

         1. 8. (1) It shall be the duty of the Board to...

   3. SCHEDULE 3

      Arbitration

      1. PART I General

         1. Establishment of Tribunal

            1. 1. If a party to a dispute such as is mentioned...

            2. 2. An order under paragraph 1 above shall be laid before...

            3. 3. A tribunal shall be a court of record and shall...

            4. 4. A tribunal shall, as the Lord Chancellor may direct, either...

            5. 5. In its application to proceedings which, by virtue of paragraph...

            6. 6. The members of a tribunal shall hold office for such...

            7. 7. If any member of a tribunal becomes, by reason of...

            8. 8. In this Part of this Schedule, "appointor", in relation to...

            9. 9. In Part II of Schedule 1 to the House of...

            10. 10. In Part I of Schedule 1 to the Tribunals and...

         2. Staff and expenses

            1. 11. A tribunal may appoint such officers as they consider necessary...

            2. 12. (1) There shall be paid to members of a tribunal...

      2. PART II Proceedings

         1. Proceedings other than Scottish proceedings

            1. 13. Paragraphs 14 to 17 below shall have effect with respect...

            2. 14. The provisions of the Arbitration Act 1950 or, in Northern...

            3. 15. A tribunal may, and if so ordered by the Court...

            4. 16. An appeal shall lie to the Court of Appeal on...

            5. 17. (1) Subject to the provisions of this Schedule, the procedure...

         2. Scottish proceedings

            1. 18. Where a dispute submitted to a tribunal relates to capital...

            2. 19. If, at any stage in any proceedings before a tribunal...

            3. 20. If, at any stage in any proceedings before a tribunal...

            4. 21. In Scottish proceedings a tribunal shall have the like powers...

            5. 22. A tribunal may and if so directed by the Court...

            6. 23. (1) An appeal shall lie to the Court of Session...

            7. 24. (1) Subject to the provisions of this Schedule, the procedure...

            8. 25. Unless the tribunal consider that there are special reasons for...

         3. All proceedings

            1. 26. Every order of a tribunal— (a) shall be enforceable in...

            2. 27. A tribunal may, at any stage in any proceedings before...

   4. SCHEDULE 4

      Amendments to Part II of Industry Act 1972

      1. PART I Amendments Extending Powers to Give Selective Financial Assistance Under Industry Act 1972

         1. 1. The following provisions of section 7 (selective financial assistance for...

         2. 2. The following provisions of section 8 of that Act (general...

         3. Minor and consequential amendments to Part I1 of Industry Act 1972

            1. 3. In section 7(4) of that Act (selective financial assistance for...

            2. 4. In section 8(3) of that Act (selective financial assistance: general...

            3. 5. The following subsection shall be added at the end of...

      2. PART II Part II of Industry Act 1972 as amended by this Act

   5. SCHEDULE 5

      Disclosure of Information by Government

      1. 1. For the purposes of this Schedule the Treasury shall keep...

      2. 2. The model shall enable forecasts to be made—

      3. 3. The references to forecasts in paragraph 2 above are references...

      4. 4. The model shall be maintained on a computer.

      5. 5. The model shall be available to members of the public...

      6. 6. Not less than twice in each year commencing with a...

      7. 7. Any forecast under this Schedule shall indicate, where possible, the...

      8. 8. The Treasury shall from time to time publish an analysis...

      9. 9. It shall be the duty of a Minister of the...

   6. SCHEDULE 6

      Advisory Committees

      1. 1. The Secretary of State, with the consent of the Ministry...

      2. 2. Of the panels— (a) that mentioned in paragraph 1(c) above...

      3. 3. When either of the Ministers is required to make a...

      4. 4. The Minister constituting a committee shall appoint as the committee's...

      5. 5. A committee may, at the discretion of the chairman, where...

      6. 6. A committee shall sit in private.

      7. 7. The Minister appointing a committee shall pay its expenses, including...

      8. 8. Any such Minister may make arrangements for securing that such...

      9. 9. (1) The Secretary of State may make regulations as to...

   7. SCHEDULE 7

      Minor and Consequential Amendments of Industry Act 1972

      1. 1. In section 6(2) of the Industry Act 1972 (interpretation of...

      2. 2. At the end of section 16(1)(a) of that Act (annual...

   8. SCHEDULE 8

      Repeals