National Coal Board (Finance) Act 1976

3 Costs of stock-piling coal and coke.

(1) The costs in respect of which the Secretary of State may make grants to the Board under section 7 of the 1973 Act (building up and maintaining stocks of coal or coke) shall include those incurred in the financial year 1975-76 in enabling such stocks to be built up and maintained by the following of the Board's customers namely, the Central Electricity Generating Board, the South of Scotland Electricity Board and the British Steel Corporation.

(2) In applying subsection (2) of that section (Board's own stocks to be taken into account only within lower limit determined by the Secretary of State and upper limit of 30 million tonnes), so much of the stocks held at any time by those customers as has been supplied by the Board but not paid for is to be treated as, or as having been, owned at that time by the Board.

(3) If an order of the Secretary of State comes into force under subsection (3) of that section (extension of grant to the Board's financial years 1976-77 and 1977-78), the reference in subsection (1) above to the financial year 1975-76 is also amended to include those two financial years of the Board.