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Oil and Gas (Enterprise) Act 1982

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This is the original version (as it was originally enacted).

1Oil Corporation's powers of disposal

(1)Without prejudice to any powers conferred on it by any other enactment, the British National Oil Corporation (in this Act referred to as " the Oil Corporation ") shall, subject to subsection (2) below, have power to provide for the disposal, in such manner as it thinks fit, of any shares of an equity oil subsidiary.

(2)The Oil Corporation shall not, and shall secure that each other member of the group does not, dispose of any shares of an equity oil subsidiary except with the consent of the Secretary of State and in accordance with any conditions specified in the instrument signifying his consent; and the Secretary of State shall not give any such consent except with the approval of the Treasury.

(3)In exercising its powers under subsection (1) above the Oil Corporation may, with the consent of the Secretary of State, provide for employees' share schemes to be established in respect of equity oil subsidiaries; and any such scheme may provide for the transfer of shares without consideration.

(4)In this section and sections 2 and 3 below—

  • " equity oil subsidiary " means a relevant subsidiary which has as its principal object searching and boring for and getting petroleum;

  • " group" means the Oil Corporation and all relevant subsidiaries taken together;

  • " petroleum " has the same meaning as in Part I of the Petroleum and Submarine Pipe-lines Act 1975 (in this Act referred to as " the 1975 Act"); and in this Part "subsidiary " and " relevant subsidiary " have the same meanings as in the 1975 Act.

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