Aircraft and Shipbuilding Industries Act 1977

14 Transfer to Corporations of rights and obligations with respect to certain government loans

(1) On the aircraft 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 Aerospace,

shall, by virtue of this section, become rights or obligations of British Aerospace.

(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) loans under section 1 of the [1949 c. 67.] Civil Aviation Act 1949 (development of civil aviation, etc);

(b) loans under section 5 of the [1965 c. 4.] Science and Technology Act 1965 (support of scientific research, etc.);

(c) loans under section 4 of the [1967 c. 40.] Shipbuilding 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) loans under section 8 of the [1968 c. 32.] Industrial Expansion Act 1968, (finance for Concorde project);

(e) loans under Part II of the [1972 c. 63.] Industry Act 1972 (financial assistance for industry); and

(f) a loan of £4 1/2 million made in 1971 to Yarrow (Shipbuilders) Limited and in respect of which a supplementary sum was included in Vote 7 in Part I5 of Schedule (B) to the [1971 c. 67.] Appropriation Act 1971.