3Dissolution of National Film Finance Corporation
(1)The power of the Secretary of State under paragraph 8 of Schedule 1 to the [1981 c. 15.] National Film Finance Corporation Act 1981 to make, with the approval of the Treasury, an order dissolving the National Film Finance Corporation in the circumstances mentioned in sub-paragraph (1) of that paragraph shall include power to make, with the like approval, an order dissolving the Corporation at any time after the relevant date and before the end of 1985.
In this subsection " the relevant date " means 12th October 1985 or such earlier date as may be specified in an order under section 2(4) of this Act.
(2)Where in consequence of an order under the said paragraph 8 (whether made by virtue of subsection (1) or not)—
(a)any property or right of the Corporation becomes vested in the Secretary of State ; or
(b)any amount is received by the Secretary of State in respect of any such property or right,
the Secretary of State shall deal with that property, right or amount in such manner as he thinks fit for any purpose connected with the British film industry.
(3)Without prejudice to the generality of subsection (2), the Secretary of State may, in pursuance of that subsection—
(a)pay any amount received by him as there mentioned to the British Film Fund Agency for distribution in accordance with section 4(1);
(b)arrange for the transfer in accordance with subsection (4) of any right to which that subsection applies.
(4)The Secretary of State may, in the case of any right to which this subsection applies, arrange for the right to be transferred, on such conditions as he thinks fit, to any British company or partnership in whose case he is satisfied as to the following matters, namely—
(a)that the company or partnership will use its best endeavours to encourage the production of relevant films on a commercially successful basis ; and
(b)that it is willing and able to make financial facilities available to persons who wish to arrange for the production of relevant films;
and, subject to any such conditions, the company or partnership may dispose of the right (whether wholly or to any lesser extent) and retain any sums accruing therefrom.
(5)Subsection (4) applies to—
(a)any copyright or share of a copyright or any licence granted under a copyright;
(b)any right in, or relating to the exploitation of, a film and not within paragraph (a).
(6)Where in consequence of any such order as is mentioned in subsection (2) any liability of the Corporation becomes vested in the Secretary of State, the Secretary of State may arrange for the liability to be transferred, on such terms as may be agreed between him and the company or partnership, to any British company or partnership in whose case he is satisfied as to the matters mentioned in paragraphs (a) and (b) of subsection (4).
(7)In this section—
" British company " means a company incorporated under the laws of Great Britain, being a company—
(i)over which a Commonwealth citizen has control, or two or more Commonwealth citizens are together in a position to exercise control, or
(ii)over which a company which is a British company by virtue of the preceding provisions of this definition has control, or two or more such companies or such a company and a Commonwealth citizen are together in a position to exercise control;
" British partnership " means a limited partnership formed in accordance with the [1907 c. 24.] Limited Partnerships Act 1907 in which the general partner within the meaning of that Act, or (as the case may be) each of the general partners, is a British company ;
" control ", in relation to a company, means the power of a person or combination of persons to secure—
(i)by means of the holding of shares or the possession of voting power in or in relation to that company or any other body corporate, or
(ii)by virtue of any powers conferred by the articles of association or other document regulating that company or any other body corporate,
that the affairs of the company are conducted in accordance with the wishes of that person or those persons ;
" relevant film " means a film which is intended to satisfy (whether wholly or to a substantial extent) the conditions that must be satisfied under Schedule 1 to this Act for a film to be a British film for the purposes of that Schedule.
(8)Paragraph 8(4) of Schedule 1 to the [1981 c. 15.] National Film Finance Corporation Act 1981 (payments into Consolidated Fund, or out of money provided by Parliament, in connection with dissolution of Corporation) shall cease to have effect; and the Secretary of State may by order made by statutory instrument repeal the remaining provisions of that Act as from a date specified in the order.