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Air Corporations Act 1966

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2Exchequer investment in B.O.A.C. otherwise than by way of loan

(1)Subject to the limit imposed by section 12(1) of the principal Act as amended by section 1(3) of this Act, the Minister may with the approval of the Treasury pay to the British Overseas Airways Corporation such sums as he thinks fit.

(2)In consideration of receiving sums under this section, the Corporation shall, as respects the financial year ending on 31st March 1966 and each subsequent financial year, make to the Minister out of any funds available for that purpose payments of such amount as may be proposed by the Corporation and approved by the Minister with the consent of the Treasury, or such other amount as the Minister may, with the approval of the Treasury and after consultation with the Corporation, determine.

(3)The funds available for the purpose of making a payment under subsection (2) above shall be—

(a)any profits of the Corporation for any financial year not earlier than the financial year ending on 31st March 1966, after deducting any sums out of those profits carried to the credit of the reserve fund of the Corporation; and

(b)any sums standing to the credit of that fund other than any such sum which the Minister may, with the approval of the Treasury and after consultation with the Corporation, direct to be treated as if it were a sum which had been paid by the Minister to the Corporation under this section.

(4)Any sums required by the Minister for making payments under this section shall be defrayed out of moneys provided by Parliament; and any sums received by him under subsection (2) above shall be paid into the Exchequer.

(5)The account required to be prepared by the Minister under section 3(6) of the Air Corporations Act 1962 (Exchequer advances) shall include particulars of any sums paid by him to the Corporation under this section and of any sums to be paid into the Exchequer under subsection (4) above.

(6)In this section " profits " as respects any financial year means the excess of the revenue of the Corporation for that year over the total sums properly chargeable by it to revenue account for that year.

(7)Section 19 of the principal Act (Minister's powers in relation to profits of air Corporations) shall cease to have effect in relation to the Corporation.

(8)In section 23 of the principal Act (estimates of receipts and expenditure of Corporations) the expression "receipts" shall not include any sum paid by the Minister to the Corporation under this section.

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