Industry Act 1981 (repealed)

Industry Act 1981

1981 CHAPTER 6

An Act to increase financial limits which apply in connection with the National Enterprise Board, the Scottish Development Agency, the Welsh Development Agency and the Development Board for Rural Wales; to reduce the public dividend capital of the National Enterprise Board and of the two Agencies and the amount outstanding by way of loans made by the Secretary of State to the two Agencies; to provide for extending the period in relation to which schemes under the Shipbuilding (Redundancy Payments) Act 1978 operate; and to provide for financial support in connection with certain matters affecting industry.

[19th March 1981]

Commencement Information

I1 Act partly in force at Royal Assent; Act wholly in force at 31st March 1981 see s. 7(2).

Financial Limits U.K.

1 Financial limits relating to National Enterprise Board. U.K.

(1) The financial limit specified in subsection (2) of section 8 of the M1 Industry Act 1975 (which was amended by section 1(2) of the M2 Industry Act 1979 and Article 2 of the M3 Financial Limits (National Enterprise Board and Secretary of State) Order 1980) shall be reduced to £750 million; and accordingly for subsection (2) there is substituted—

“(2) The said limit shall be £750 million”.

(2) In section 8 of the Industry Act 1975, subsections (2A) to (2C) (Secretary of State’s power by order to reduce the limit mentioned in subsection (2) of section 8) are hereby repealed.

(3) For subsections (3) and (4) of section 5 of the M4 Industry Act 1980 (financial limits for purposes of section 3 of that Act and for purposes of that section and section 8(2) of the M5 Industry Act 1975 taken together) there is substituted the following subsection—

“(3) The financial limit for the purposes section 3 of this Act is £4,400 million, but the Secretary of State may by order made with the consent of the Treasury provide for the limit specified in this subsection to be increased or further increased to an amount not exeeding £5,250 million.”

(4) Section 1(2) of the Act of 1979, and in section 5(1) of the Act of 1980 the words “section 8(2) of the Industry Act 1975” and “the National Enterprise Board and”, are hereby repealed; and the Order of 1980 is hereby revoked.

Modifications etc. (not altering text)

C1 The text of s. 1 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals made prior to 1.2.1991.

Marginal Citations

M1 1975 c. 68

M2 1979 c. 32.

M3 S.I. 1980/1211.

M4 1980 c. 33.

M5 1975 c. 68.

2 Financial limits for Development Agencies and Development Board. U.K.

[F1 (1) In section 13(3) of the M6 Scottish Development Agency Act 1975 (financial limit for the Agency) for the words “£500 million” (which were substituted by section 1(3) of the M7 Industry Act 1979) there are substituted the words “£700”.]

(2) in section 18(3) of the M8 Welsh Development Agency Act 1975 for the words “£250 million” (which were substituted by section 1(4) of the Act of 1979) there are substituted the words “£450 million”.

(3) For subsection (2) of section 12 of the M9 Development of Rural Wales Act 1976 there is substituted—

“(2) The said limit is £100 million”;

and the Development Board for Rural Wales (Financial Limit) Order 1980 (which increased the previous limit from £25 million to £40 million) is hereby revoked.

(4) Section 12(3) of the Development of Rural Wales Act 1976 and subsections (3) and (4) of section 1 of the Act of 1979 are hereby repealed.

Textual Amendments

F1 S. 2(1) repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C2 The text of s. 2(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals made prior to 1.2.1991.

C3 The text of s. 2(2)(3)(4) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals made prior to 1.2.1991.

Marginal Citations

M6 1975 c. 69.

M7 1979 c. 32.

M8 1975 c. 70.

M9 1976 c. 75

Public dividend capital and government loans U.K.

3 Reduction of public dividend capital of National Enterprise Board and Development Agencies. U.K.

(1) The public dividend capital of the National Enterprise Board is hereby reduced by £32·4 million [F2 , that of the Scottish Development Agency by £7 million] and that of the Welsh Development Agency by £2·9 million.

(2) “Public dividend capital” means the amount of the capital which, immediately before the commencement of this section, was outstanding—

(a) in the case of the Board, in respect of payments to the Board under paragraph 5 of Schedule 2 to the Industry Act 1975 (including sums treated as additions to that capital by paragraph 5(2));

[F3 (b) in the case of the Scottish Development Agency, in respect of payments to the Agency under paragraph 1 of Schedule 2 to the M10 Scottish Development Agency Act 1975 (including sums treated as additions to that capital by paragraph 1(2)); and]

(c) in the case of the Welsh Development Agency, in respect of payments to the Agency under paragraph 1 of Schedule 3 to the M11 Welsh Development Agency Act 1975 (including sums treated as additions to that capital by paragraph 1(2)).

Textual Amendments

F2 Words repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

F3 S. 3(2)(b) repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Marginal Citations

M10 1975 c. 69.

M11 1975 c. 70.

4 Reduction of government loan debt of Development Agencies. U.K.

(1) The government loan debt of the Scottish development Agency is hereby reduced by £2 million and that of the Welsh Development Agency by £1 million; and any entitlement of the Secretary of State and any liability of either of the Agencies in respect of government loan debt is correspondingly reduced.

(2) “Government loan debt” means the aggregate amount of the principal and interest which, immediately before the commencement of this section, was outstanding—

[F4 (a) in the case of the Scottish Development Agency, in respect of sums advanced to the Agency by the Secretary of State under paragraph 4(1) of Schedule 2 to the Scottish Development Agency Act 1975; and]

(b) in the case of the Welsh Development Agency, in respect of sums advanced to the Agency by the Secretary of State under paragraph 4(1) of Schedule 3 to the Welsh Development Agency Act 1975.

(3) The sum mentioned in subsection (1) above shall in each case be treated as reducing first arrears of interest (if any) and then, as respects the balance remaining, principal outstanding.

(4) The assets of the National Loans Fund shall be reduced by the aggregate amount by which the liabilities of the Agencies are extinguished by this section.

Textual Amendments

F4 S. 4(2)(a) repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C4 S. 4(1) in so far as relating to the Scottish Development Agency repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

Textual Amendments

F5 S. 5 repealed by Shipbuilding Act 1982 (c. 4, SIF 64), s. 2(2)

Miscellaneous. U.K.

6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6 U.K.

Textual Amendments

F6 S. 6 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3

7 Short title etc. U.K.

(1) This Act may be cited as the Industry Act 1981.

(2) Section 1 of this Act comes into force on 31st March 1981.

(3) The Acts and instruments specified in the Schedule to this Act are repealed to the extent set out in the third column of that Schedule.

[F7 (4) The provisions of this Act, so far as they relate to the Scottish Development Agency, extend to Scotland only.]

(5) Subject to subsection (4) above, the provisions of this Act, except so far as they relate to the Welsh Development Agency or the Development Board for Rural Wales, extend to Northern Ireland.

Textual Amendments

F7 S. 7(4) repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C5 The text of s. 7(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals made prior to 1.2.1991.

Section7(3).

SCHEDULE U.K. Repeals

Modifications etc. (not altering text)

C6 The text of the Schedule is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals made prior to 1.2.1991.

Chapter	Short title	Extent of repeal
1975 c. 68.	The Industry Act of 1975.	Section 8(2) to 2(c).
1976 c. 75.	The Development of Rural Wales Act 1976.	Section 12(3).
1979 c. 32.	The Industry Act 1979.	Section 1(2) to (4).
1980 c. 33.	The Industry Act 1980.	In section 5, in subsection (1) the words “section 8(2) of the Industry Act 1975” and “The National Enterprise Board and”, and subsection (2).
Statutory Instruments
S.I.1980/1211	The Financial Limits (National Enterprise Board and Secretary of State) Order 1980.	The whole Order.
S.I.1980/235.	The Development Board for Rural Wales (Financial Limit) Order 1980.	The whole Order.