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Civil Aviation (Amendment) Act 1982

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This is the original version (as it was originally enacted).

1Increase of financial limit of British Airports Authority.

(1)In subsection (4) of section 5 o£4he Airports Authority Act 1975 (limit of £125 million on borrowing and commencing capital debt of British Airports Authority) for the words " £125 million " there shall be substituted the words

£200 million but the Secretary of State may by order increase that limit to £300 million.

(2)After subsection (4) of that section there shall be inserted—

(4A) The power to make an order under subsection (4) above shall be exercisable by statutory instrument and no such order shall be made unless a draft of it has been approved by resolution of the House of Commons.

2Increase of financial limit of British Airways Board.

In section 9(1) of the British Airways Board Act 1977 (limit of £1,000 million on borrowing by and government investment in British Airways Board) for the words " £1,000 million " there shall be substituted the words

£1,200 million but the Secretary of State may by order increase that limit to £1,400 million and by a further order to £1,600 million.

3Application of financial limit of British Airways Board to foreign currency borrowings.

(1)For the purposes of section 9(1) of the British Airways Board Act 1977 the sterling equivalent of any amount borrowed by the British Airways Board (whether before or after the passing of this Act) in a currency other than sterling shall, subject to subsections (3) and (4) below, be determined by reference to the London market spot selling rate for sterling at the close of the last working day before that on which that amount was received by the Board or, if there is no such rate, by reference to such rate as may be specified by the Secretary of State.

(2)Where in the case of any loan amounts have been received by the Board on different days and an amount less than the aggregate of those amounts has been repaid, any question under subsection (1) above as to the day on which the outstanding amount was received shall, in the absence of any indication to the contrary, be determined by apportioning the repayment rateably between the amounts received.

(3)Where pursuant to a scheme established by the Treasury the Board has (whether before or after the passing of this Act) contracted to purchase currency other than sterling for the purpose of enabling the Board to repay money borrowed by it in that currency, the sterling equivalent of any amount comprised in the money to which the contract relates shall for the purposes of the said section 9(1) be determined by reference to the rate of exchange specified in the contract.

(4)Subsection (1) above does not apply to money borrowed by overdraft.

4Pre-consolidation amendments of Civil Aviation Acts.

(1)Schedule 1 to this Act shall have effect for making amendments designed to facilitate, or otherwise desirable in connection with, the consolidation of certain enactments relating to civil aviation.

(2)In that Schedule " the Act of 1949 " and " the Act of 1971 " mean respectively the Civil Aviation Act 1949 and the Civil Aviation Act 1971.

(3)The enactments mentioned in Schedule 2 to this Act are hereby repealed to the extent specified in the third column of that Schedule.

(4)Neither Schedule 1 nor Schedule 2 to this Act affects any liability or penalty for, or proceedings in respect of, an offence committed before the passing of this Act.

5Short title and extent.

(1)This Act may be cited as the Civil Aviation (amendments) Act 1982.

(2)This Act extends to Northern Ireland.

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