Electricity Act 1957

Liabilities in respect of British Electricity Stock and Exchequer advances

4 (1) In respect of British Electricity Stock issued before the vesting date, the Electricity Council shall prepare a scheme for determining, as between the Electricity Council, the Generating Board and the Area Boards, the shares in which the ultimate responsibility for meeting obligations in respect of that stock is to be borne, and for allocating to the Council, to the Generating Board, and to each of the Area Boards respectively, responsibility in respect of stock so issued in accordance with the shares determined under that scheme.

(2) In paragraph (b) of subsection (2) of section eighteen of this Act, the reference to the proportions in which responsibility was allocated in respect of the stock to be redeemed or converted shall be construed, where the stock to be redeemed or converted is stock issued before the vesting date, as a reference to the proportions in which responsibility for that stock was allocated under the preceding sub-paragraph.

(3) Subsection (3) of section eighteen of this Act shall apply in relation to stock for which responsibility is allocated under this paragraph as it applies in relation to stock for which responsibility is allocated in accordance with that section.

5 (1) The Electricity Council shall prepare a scheme for determining, as between the Electricity Council, the Generating Board and the Area Boards, the shares in which the ultimate responsibility is to be borne for meeting obligations in respect of Exchequer advances made to the Central Authority, and for allocating to the Council, to the Generating Board, and to each of the Area Boards respectively, responsibility in respect of such Exchequer advances in accordance with the shares determined under that scheme.

(2) Paragraph (b) of subsection (2) of section eighteen of this Act shall apply to British Electricity Stock issued by the Electricity Council for the purpose of repaying Exchequer advances made to the Central Authority, with the substitution, for the words " stock to be redeemed or converted " of the words " Exchequer advances to be repaid ".

(3) Subsection (3) of section eighteen of this Act shall apply in relation to payments in respect of interest on, or the repayment of, Exchequer advances made to the Central Authority as it applies in relation to payments in respect of interest on or the redemption of stock, as if any reference therein to responsibility, under that section were a reference to responsibility under a scheme made by virtue of this paragraph.

6 Any scheme prepared by the Electricity Council under paragraph 4 or paragraph 5 of this Schedule shall not have effect until it has been settled by the Council with the Minister, after giving to the Generating Board and each of the Area Boards an opportunity to make representations thereon to him.