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British Telecommunications Act 1981

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This is the original version (as it was originally enacted).

24General duty of the Corporation as to finance

(1)It shall be the duty of the Corporation so to exercise its powers as to secure that the combined revenues of the Corporation and all its wholly owned subsidiaries taken together are not less than sufficient—

(a)to meet all their combined charges properly chargeable to revenue account, taking one year with another; and

(b)to enable the Corporation and its wholly owned subsidiaries to make such allocations to reserve as the Corporation considers adequate, and as may be necessary to comply with any directions given by the Secretary of State under section 25.

(2)The Secretary of State may from time to time determine, with the approval of the Treasury and after consultation with the Corporation, as respects such period as he may so determine, the financial objectives which, having regard to the duty imposed on it by subsection (1), he considers it is reasonable for the Corporation to achieve in that period; and—

(a)different determinations may be made for different periods and in relation to different assets and different activities of the Corporation; and

(b)the Secretary of State may, with the like approval and after such consultation as aforesaid, vary or revoke a determination under this section in respect of any period by a further determination.

(3)A determination under subsection (2)—

(a)may relate to a period beginning before the date on which it is made; and

(b)may contain incidental or supplemental provisions.

(4)The Secretary of State shall give notice in writing to the Corporation of any determination under subsection (2).

(5)The Corporation shall conduct its affairs during any period in respect of which a determination has been made under subsection (2) with a view to achieving the financial objectives specified by the determination as for the time being in force.

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