Electricity Act 1957

5 (1) The Electricity Council shall prepare a scheme for determining, as between the Electricity Council, the Generating Board and the Area Boards, the shares in which the ultimate responsibility is to be borne for meeting obligations in respect of Exchequer advances made to the Central Authority, and for allocating to the Council, to the Generating Board, and to each of the Area Boards respectively, responsibility in respect of such Exchequer advances in accordance with the shares determined under that scheme.

(2) Paragraph (b) of subsection (2) of section eighteen of this Act shall apply to British Electricity Stock issued by the Electricity Council for the purpose of repaying Exchequer advances made to the Central Authority, with the substitution, for the words " stock to be redeemed or converted " of the words " Exchequer advances to be repaid ".

(3) Subsection (3) of section eighteen of this Act shall apply in relation to payments in respect of interest on, or the repayment of, Exchequer advances made to the Central Authority as it applies in relation to payments in respect of interest on or the redemption of stock, as if any reference therein to responsibility, under that section were a reference to responsibility under a scheme made by virtue of this paragraph.