C1PART I The Corporations
Financial provisions
14 Transfer to Corporations of rights and obligations with respect to certain government loans.
1
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2
On the shipbuilding industry vesting date any rights or obligations of the Secretary of State in existence on that date with respect to any loan which—
a
falls within subsection (3) below, and
b
was made to a company which comes into public ownership as, or as the wholly owned subsidiary of, a company the securities of which vest in British Shipbuilders,
shall, by virtue of this section, become rights or obligations of British Shipbuilders.
3
The loans referred to in subsections (1) and (2) above are—
a
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b
loans under section 5 of the M1Science and Technology Act 1965 (support of scientific research, etc.);
c
loans under section 4 of the M2Shipbuilding Industry Act 1967 (loans by the Shipbuilding Industry Board, the rights and obligations under which vested in the Secretary of State under section 9(3) of that Act);
d
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e
loans under Part II of the M3Industry Act 1972 (financial assistance for industry); and
f
a loan of £4½ million made in 1971 to Yarrow (Shipbuilders) Limited and in respect of which a supplementary sum was included in Vote 7 in Part 15 of Schedule (B) to the M4Appropriation Act 1971.
By British Aerospace Act 1980 (c. 26, SIF 64), s. 10(1) it is provided that Pt. I is repealed in relation to British Aerospace and that any reference in that provision (in whatever terms expressed) to either or both of the Corporations originally established by s. 1 of this Act shall be construed as a reference to the other Corporation so established (that is to say British Shipbuilders)