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Iron and Steel Act 1982

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This is the original version (as it was originally enacted).

5Discontinuance and restriction of the Corporation's activities

(1)Without prejudice to section 3 or 4(3) above but subject as provided in subsection (2) below, the Secretary of State may, after consultation with the Corporation, by order, give to the Corporation directions—

(a)to discontinue or restrict any of their activities or to dispose of any of their property, rights, liabilities and obligations; or

(b)to secure the discontinuance or restriction of any of the activities of a publicly-owned company or the disposal of all or any of its property, rights, liabilities and obligations, or the winding up of any such company ;

and the Corporation shall give effect to any directions so given.

(2)The Secretary of State shall not give any direction under subsection (1) above unless he is satisfied that the giving of it will further the public interest.

(3)Subject to subsection (4) below, any direction under subsection (1) above to dispose or secure the disposal of property, rights, liabilities or obligations may in particular include a direction—

(a)to form a company for the purpose of acquiring the property or rights and assuming the /liabilities or obligations to be transferred in pursuance of the direction ;

(b)prohibiting, except with the consent of the Secretary of State, the disposal to, or acquisition from any person by, any company which will acquire property or rights in pursuance of the direction of assets used or capable of use in the production of products of a description, or of products other than products of a description, specified in the direction.

(4)The powers to direct the formation of a company and to restrict the disposal or acquisition of assets are exercisable subject to the following further limitations, that is to say—

(a)no company shall be directed to be formed otherwise than as a publicly-owned company ; and

(b)no such restriction shall be imposed except on a company which is, or when formed will be, in public ownership or be binding after it ceases to be in public ownership.

(5)So long as a restriction on the disposal or acquisition of assets is binding on the Corporation or a publicly-owned company the provisions of this Act relating to the capacity of the Corporation or the publicly-owned company shall have effect subject to the restriction.

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