Health Act 1999

15 Public dividend capital

(1) Section 9 of the 1990 Act (originating capital debt of, and other financial provisions relating to, NHS trusts) is amended as provided in subsections (2) to (5).

(2) In subsections (1), (2) and (3), for “originating capital debt” there is substituted “originating capital”.

(3) For subsection (4) there is substituted—

“(4) An NHS trust’s originating capital shall be public dividend capital.”

(4) Subsections (5) and (6) are omitted.

(5) In subsection (7), for the words from “the terms” to the end there is substituted—

“(a) the dividend which is to be payable at any time on any public dividend capital issued, or treated as issued, under this Act,

(b) the amount of any such public dividend capital which is to be repaid at any time,

(c) any other terms on which any public dividend capital is so issued, or treated as issued”.

(6) In Schedule 3 to that Act—

(a) in paragraph 3 (limits on indebtedness), sub-paragraph (3) is omitted, and

(b) in paragraph 5 (additional public dividend capital), sub-paragraph (2) is omitted.