Provisions with respect to existing bodies
84Dissolution etc. of existing bodies
(1)Any person who, immediately before the transfer date, holds office as chairman or other member of any of the existing bodies, that is to say, the Electricity Boards and the Electricity Council, shall cease to hold office on that date.
(2)Each existing body shall continue in existence after the transfer date until it is dissolved under subsection (4) below; and the period of any such body’s continued existence is referred to in this Act as its transitional period.
(3)During the transitional period of each existing body, the body—
(a)shall consist of a chairman appointed by the Secretary of State and such one or more other persons as may be so appointed; and
(b)shall prepare such statements of accounts as the Secretary of State may direct;
and a direction under this subsection may require the auditing of any such statements of accounts by such persons as may be specified in the direction.
(4)The Secretary of State may by order, after consulting the body concerned and its successor company or companies, dissolve any existing body on a day specified in the order, as soon as he is satisfied that nothing further remains to be done by that body (whether under Schedule 17 to this Act or otherwise).
(5)An order under subsection (4) above may provide—
(a)for the preparation by such persons as may be specified in the order of a statement of accounts for the period from the end of that dealt with in the last statement of accounts prepared under subsection (3) above by the body concerned down to the dissolution of that body; and
(b)for the auditing of any such statement of accounts by such persons as may be so specified;
and the Secretary of State may with the approval of the Treasury pay to any person on whom duties are imposed by such an order such remuneration, and such travelling and other allowances, as the Secretary of State with the approval of the Treasury may determine.
(6)Any sums required by the Secretary of State for making payments under subsection (5) above shall be paid out of money provided by Parliament.
85Compensation to members and employees of existing bodies
(1)The Secretary of State may pay to persons who immediately before the transfer date are the chairmen and other members of the existing bodies such sums by way of compensation for loss of office, or loss or diminution of pension rights, as the Secretary of State may with the approval of the Treasury determine.
(2)The Secretary of State may also pay to persons who immediately before the transfer date are employees of the existing bodies such sums by way of compensation for loss of employment, or loss or diminution of remuneration or pension rights, as the Secretary of State may with the approval of the Treasury determine.
(3)Any sums required by the Secretary of State for making payments under this section shall be paid out of money provided by Parliament.
86Discharge of certain advances and loans made to existing bodies
(1)The following powers, namely—
(a)the power conferred on the Secretary of State by subsection (3) of section 2 of the [1963 c. 59.] Electricity and Gas Act 1963 to give directions as to the repayment of advances made by him under that section to the Electricity Council; and
(b)the power conferred on the Secretary of State by subsection (2) of section 24 of the [1979 c. 11.] Electricity (Scotland) Act 1979 to give directions as to the repayment of advances made by him under that section to a Scottish Board,
shall include power to direct the Council or Board to discharge its liabilities in respect of any advance so made by a payment to him, on such date as is specified in the direction, of such amount as is so specified.
(2)The Treasury may direct the Electricity Council or a Scottish Board to do anything specified in the direction which is requisite or expedient for the purpose of securing the discharge, or the transfer to the Treasury, of the Council’s or Board’s liabilities in respect of any foreign currency loan made to the Council or Board.
(3)Where the liabilities of the Electricity Council or a Scottish Board in respect of any foreign currency loan made to the Council or Board are to be discharged (whether in pursuance of a direction under subsection (2) above or otherwise), the Treasury may direct that the amount to be paid to the Treasury by the Council or Board for the foreign currency required for the purpose of securing the discharge shall be such amount as is specified in the direction.
(4)Where the liabilities of the Electricity Council or a Scottish Board in respect of any foreign currency loan made to the Council or Board are to be transferred to the Treasury (whether in pursuance of a direction under subsection (2) above or otherwise), the Treasury may direct the Council or Board to pay to the Treasury, on the date of the transfer, such amount as is specified in the direction.
(5)The amount specified in a direction under subsection (1), (3) or (4) above shall be the aggregate of the present values (calculated in such manner and by reference to such rate of interest as the Secretary of State with the approval of the Treasury or, as the case may be, the Treasury may determine) of—
(a)in the case of a direction under subsection (1), the payments which, if the Council’s or Board’s liabilities in respect of the advance were not discharged before the final date, would fall to be made to the Secretary of State in respect of the advance;
(b)in the case of a direction under subsection (3) or (4), the payments which, if the Council’s or Board’s liabilities in respect of the loan were not discharged or transferred before the final date, would fall to be made to the Treasury under the relevant exchange cover agreement.
(6)The Secretary of State may direct the Electricity Council to exercise its powers under section 21 of the [1957 c. 48.] Electricity Act 1957 in relation to any amount which falls to be paid by the Council in pursuance of a direction under subsection (1), (3) or (4) above in such manner as is specified in the direction under this subsection; and such a direction may in particular require contributions to be made by all or any of the Electricity Boards in England and Wales in such amounts as are specified in the direction.
(7)Any sums received by the Secretary of State in pursuance of a direction under subsection (1) above or by the Treasury in pursuance of a direction under subsection (4) above shall be paid into the National Loans Fund; and any sums received by the Treasury in pursuance of a direction under subsection (3) above shall be paid into the Exchange Equalisation Account.
(8)In this section—
“the final date”, in relation to an advance or loan, means the date on which the final payment in respect of the advance or loan falls to be made;
“foreign currency” means a currency other than sterling;
“foreign currency loan” means a loan made wholly or mainly in a foreign currency;
“the relevant exchange cover agreement”, in relation to a foreign currency loan, means the agreement made under section 1 of the [1979 c. 30.] Exchange Equalisation Account Act 1979 with respect to the payments falling to be made in respect of that loan.
87Expenditure and receipts of Electricity Council
(1)The Electricity Council may, from time to time during its transitional period, require any of the successor companies in England and Wales to contribute such sums as the Council, with the consent of the Secretary of State, may determine towards meeting—
(a)any liabilities of the Council with respect to corporation tax (including liabilities to pay any sums by way of interest or penalty); and
(b)any expenses incurred by the Council in connection with the determination of any such liabilities.
(2)The following, namely—
(a)any sums received by the Electricity Council during its transitional period by way of refunds of corporation tax (including any sums so received by way of repayment supplement); and
(b)any sums received by the Council by way of contributions under subsection (1) above which are not required for meeting such liabilities and expenses as are mentioned in that subsection,
may be divided, in such proportions as the Council considers appropriate, between such of the successor companies in England and Wales as the Council thinks fit.
88Grants towards expenditure during transitional period
(1)The Secretary of State may, with the approval of the Treasury, make grants to any existing body of such amounts as he thinks fit towards such expenditure incurred by that body during its transitional period as is not met—
(a)under Schedule 17 to this Act by its appropriate successor company; or
(b)in the case of the Electricity Council, by contributions required to be made under section 87 above.
(2)Grants under this section may be made subject to such conditions as the Secretary of State with the approval of the Treasury may determine.
(3)Any sums required by the Secretary of State for making grants under this section shall be paid out of money provided by Parliament.
(4)In this Part “the appropriate successor company” means—
(a)in relation to an Area Board, its successor company;
(b)in relation to any other Electricity Board or the Electricity Council, such of its successor companies as may be designated by or under its transfer scheme;
and a transfer scheme may provide for different designations for different provisions or for different purposes.