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Coal Industry Act 1985

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1Deficit grants to National Coal Board.

(1)The Secretary of State may, with the approval of the Treasury, make grants to the Board out of money provided by Parliament with a view to reducing or eliminating—

(a)any outstanding group deficit for the financial year of the Board ending in March 1985 ; and

(b)any group deficit for the financial years of the Board ending in March 1986 and 1987.

(2)In this section " group deficit" means, in relation to a financial year of the Board, any deficit shown in any consolidated profit and loss account of the Board and any of their subsidiaries prepared by the Board in accordance with a direction given by the Secretary of State in respect of that year under section 8(1) of the Coal Industry Act 1971.

(3)Grants under subsection (1)(a) or (b) above—

(a)may be made subject to such conditions as the Secretary of State with the approval of the Treasury may determine; and

(b)may be made in advance of the preparation in respect of any financial year of the Board there mentioned of any such consolidated profit and loss account as is mentioned in subsection (2) above, if it appears to the Secretary of State that there will be an outstanding group deficit or (as the case may be) a group deficit for that year.

(4)The aggregate of the grants made under subsection (1)(a) above shall not exceed £1,200 million.

(5)Subject to the following provisions of this section the aggregate of the grants made under subsection (1)(b) above shall not exceed £600 million.

(6)The Secretary of State may with the approval of the Treasury, on one or more occasions, by order made by statutory instrument increase or further increase the limit under subsection (5) above, subject to a maximum of £800 million.

(7)No order shall be made under subsection (6) above unless a draft of the order has been laid before, and approved by resolution of, the House of Commons.

(8)If the aggregate of the grants made under subsection (1)(a) above—

(a)is equal to the amount of any outstanding group deficit for the financial year of the Board there mentioned; but

(b)is less than the limit under subsection (4) above ;

the Secretary of State may with the approval of the Treasury treat the limit for the time being applicable under subsection (5) above as increased by the amount of the difference between the aggregate of the grants so made and the limit under subsection (4).

(9)References in this section to any outstanding group deficit for the financial year of the Board ending in March 1985 are references to any amount by which any group deficit for that year exceeds the aggregate of any grants made under section 3 of the Coal Industry Act 1980 in respect of that year before the passing of this Act.

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