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Industry Act 1975

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This is the original version (as it was originally enacted).

8(1)For the purposes set out in subsection (2) of the last preceding section the Secretary of State may, with the consent of the Treasury, provide financial assistance where, in his opinion—

(a)the financial assistance is likely to benefit the economy of the United Kingdom, or of any part or area of the United Kingdom, and

(b)it is in the national interest that the financial assistance should be provided on the scale, and in the form and manner, proposed,

(c). . .

(2)Financial assistance under this section may, subject to the following provisions of this section, be given in any of the ways set out in subsection (3) of the last preceding section.

(3). . . The Secretary of State, in giving financial assistance in the way described in subsection (3)(a) of the last preceding section—

(a)shall not acquire any shares or stock in a company without the consent of that company,

(b). . .

(4). . .

(5). . .

(6)The aggregate of—

(a)the sums paid by the Secretary of State under this section, plus

(b)the liabilities of the Secretary of State under any guarantees given by him under this section (exclusive of any liability in respect of interest on a principal sum so guaranteed), less any sum received by the Secretary of State by way of repayment of loans under this section, or repayment of principal sums paid to meet a guarantee under this section, shall not at any time exceed the limit specified in subsection (7) below.

(7)The said limit shall be £150 million, but the Secretary of State may, on not more than four occasions, by order made with the consent of the Treasury increase or further increase that limit by a sum specified in the order, being a sum not exceeding £100 million. An order under this subsection shall be contained in a statutory instrument, and such an order shall not be made unless a draft of the order has been approved by a resolution of the Commons House of Parliament.

(8)The sums which the Secretary of State pays or undertakes to pay by way of financial assistance under this section in respect of any one project shall not exceed £5 million, except so far as any excess over the said sum of £5 million has been authorised by a resolution of the Commons House of Parliament:

Provided that this subsection shall not apply where the Secretary of State is satisfied that the payment or undertaking is urgently needed at a time when it is impracticable to obtain the approval of the Commons House of Parliament; and in that case the Secretary of State shall lay a statement concerning the financial assistance before each House of Parliament.

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