Statutory Corporations (Financial Provisions) Act 1975

Schedule 4 Consequential Amendment of Enactments

The Hydro-Electric Development (Scotland) Act 1943 (c. 32)

1 In the Hydro-Electric Development (Scotland) Act 1943, in section 12—

(a) in subsection (1), for the words from the beginning to " money" substitute the words

“Subject to the provisions of this section, the Scottish Electricity Boards may, with the consent of the Secretary of State (which shall require the approval of the Treasury) and subject to regulations to be made by the Secretary of State with the approval of the Treasury, borrow money in sterling or foreign currency from any source whether within or outwith the United Kingdom,”;

(b) at the end of the section add the following subsections—

“(4) The amount outstanding in respect of the principal of any sums of foreign currency borrowed under this section or section 3 of the Gas and Electricity Act 1968 and of any sums of sterling borrowed from outwith the United Kingdom under this section shall be included in the aggregate of the amounts outstanding in respect of loans raised by the Scottish Electricity Boards which is subject to the limit imposed by section 47(7) of the Electricity Act 1947 ; but this subsection shall not prevent the Scottish Electricity Boards from borrowing in excess of the said limit for the purpose of repaying the principal of any such sums borrowed by them under this section or the said section 3 or for the purpose of redeeming any securities issued under either of those sections which they are required or entitled to redeem.

(5) Nothing in this section shall be taken as exempting the Scottish Electricity Boards from the provisions of any order under section 1 of the Borrowing (Control and Guarantees) Act 1946 or from the provisions of the Exchange Control Act 1947.

(6) The repeal by the Statutory Corporations (Financial Provisions) Act 1975 of section 3 of the Gas and Electricity Act 1968 shall not affect anything done or any right established under that section before the passing of the said Act of 1975.”.

The Coal Industry Act 1965 (c. 82)

2 In the Coal Industry Act 1965, in section 1(2A) (inserted by section 4(1)(b) of the Coal Industry Act 1971) for the words

“may, from such person and on such terms as he may with the approval of the Treasury specify”

substitute the words

“(which shall require the approval of the Treasury) may”.

The Iron and Steel Act 1967 (c. 17)

3 In the Iron and Steel Act 1967—

(a) in section 19(2A) (inserted by section 7(1) of the Iron and Steel Act 1969) for the words

“may, from such person and on such terms as he may, with the approval of the Treasury, specify”

substitute the words

“(which shall require the approval of the Treasury) may”;

(b) in section 19(3) (as substituted by section 7(2) of the Iron and Steel Act 1969), in paragraph (b), for the words

“from such person and on such terms as the Minister may, with the approval of the Treasury, specify”

substitute the words

“(which shall require the approval of the Treasury)”.

The Gas and Electricity Act 1968 (c. 39)

4 In the Gas and Electricity Act 1968—

(a) in section 2(1), for the words " borrow, from such persons and on such terms as the Minister may, with the approval of the Treasury, from time to time specify " substitute the words

“with the consent of the Secretary of State (which shall require the approval of the Treasury), borrow”;

(b) in section 2(3) after " guarantees)" insert

“and section”.

The Post Office Act 1969 (c. 48)

5 In the Post Office Act 1969, in section 35(3), for the words " may, from such person and on such terms as he may, with the approval of the Treasury specify " substitute the words

“(which shall require the approval of the Treasury) may”.

The Civil Aviation Act 1971 (c. 75)

6 In the Civil Aviation Act 1971—

(a) in section 8, in subsection (3), omit the words

“from such persons and on such terms as the Secretary of State may from time to time specify”,

and in subsection (4) omit the words

“or specify any person or terms”;

(b) in section 41, in subsection (3), for the words "borrow, from such persons and on such terms as the Secretary of State may from time to time specify " substitute the words

“with the consent of the Secretary of State, borrow”

and in subsection (5) omit the words

“or specify any person or terms”.

The Airports Authority Act 1972 (e. 8)

7 In the Airports Authority Act 1972, in section 2(1) for the words "borrow, from such persons and on such terms as the Secretary of State may with the approval of the Treasury from time to time specify" substitute the words

“with the consent of the Secretary of State (which shall require the approval of the Treasury), borrow”.

The Housing Act 1974 (c. 44)

8 In the Housing Act 1974, in section 7, for subsection (4) substitute—

“(4) The Corporation may, with the consent of the Secretary of State, borrow—

(a) from the European Investment Bank or the Commission of the European Communities, sums in any currency; and

(b) from any other person, sums in a currency other than sterling.”