Coal Industry Act 1990

1 Deficiency grants to British Coal Corporation

(1) The Secretary of State may, with the approval of the Treasury, make grants to the British Coal Corporation out of money provided by Parliament of amounts not exceeding in aggregate any accumulated group deficit at the end of the financial year of the Corporation ending in March 1990.

(2) For the purposes of this section, the Secretary of State shall give a direction under section 8(1) of the [1971 c. 16.] Coal Industry Act 1971 requiring the Corporation to prepare consolidated accounts for that financial year in such form as to identify any accumulated group deficit at the end of that year, disregarding any grant which may at any time be paid under this section; and in this section “accumulated group deficit” means the amount so identified.

(3) Grants under subsection (1)—

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

(b) may be made in advance of the preparation of the accounts mentioned in subsection (2), if the Secretary of State is satisfied that those accounts will show an accumulated group deficit exceeding the aggregate amount of the grants made under this paragraph.