Export Guarantees and Overseas Investment Act 1978

15 Interpretation

(1) In this Act—

• " business " includes a profession;

• " export contracts " means contracts in respect of which guarantees have been or can be given under section 1 or 2 (1) above ;

• " foreign currency " means any currency other than sterling, including special drawing rights ;

• " foreign currency liabilities " means liabilities which are measured in a foreign currency, whether or not they are to be discharged in a foreign currency ;

• " guarantee " includes any contract to indemnify, whether wholly or in part, against loss of any description and shall be construed in accordance with section 10(a)(i) above;

• " quarter " means a quarter ending with 31st March, 30th June, 30th September or 31st December in any year;

• " quarterly revaluation " has the meaning assigned to it by section 7(6) above;

• " securities " includes bonds, stock, shares, bills and promissory notes;

• " sterling liabilities " means liabilities which are measured in sterling, whether or not they are to be discharged in sterling;

• " trade with other countries" includes any transaction involving a consideration in money or money's worth accruing from a person carrying on business or other activities outside the United Kingdom to a person carrying on business in the United Kingdom.

(2) For the purposes of the definitions of " foreign currency liabilities " and " sterling liabilities " in subsection (1) above, in cases where liabilities are measured in sterling but are expressed to be subject to a limit in a foreign currency, the liabilities are to be taken to be measured in foreign currency, and in cases where liabilities are measured in foreign currency but are expressed to be subject to a limit in sterling, the liabilities are to be taken to be measured in sterling.

(3) References in this Act to amounts of principal moneys in sterling or in foreign currencies are to be taken as references to amounts which are measured, whether or not they are payable, in sterling or in foreign currencies, as the case may be.

(4) References in this Act to a company controlled by a person are references to a company so controlled directly or indirectly, and include cases where the person having control is also a company.

(5) Except in section 3(1) above, any reference in this Act to the United Kingdom includes a reference to the Isle of Man and the Channel Islands.

(6) In section 3 above references to the provision of financial facilities include references to the provision of such facilities before the date of the passing of this Act; and grants may be made under that section in respect of interest for periods before that date.

(7) Except where the context otherwise requires, any reference in this Act to any provision of this Act shall be construed as including a reference to any corresponding enactment previously in force; and references to anything done by the Secretary of State shall accordingly be construed as including references to anything done under a corresponding enactment by the Board of Trade.