Electricity Act 1957

16 Issue of stock

(1) The Electricity Council may create and issue any stock required for the purpose of exercising their powers under the last preceding section; and any stock so created and issued shall, in common with any British Electricity Stock issued by the Central Authority under the principal Act, be known as British Electricity Stock, and shall be included in the stock referred to by that name in any enactment (including the principal Act and this Act).

(2) The Generating Board or any Area Board may create and issue any stock required for the purpose of exercising their powers under the last preceding section; and any stock so created and issued by one of those Boards shall be known by the name of that Board followed by the word "Stock ".

(3) Subject to the provisions of the Third Schedule to the principal Act (which relates to the issue of British Electricity Stock in satisfaction of compensation), British Electricity Stock shall be issued, transferred, dealt with and redeemed upon such terms and in accordance with such provisions as may be prescribed by regulations made by the Minister with the approval of the Treasury; and any such regulations may, in relation to any such stock, apply (with or without modifications) any provisions of the Local Loans Act, 1875, or of any enactments relating to stock issued by a local authority.

(4) For the purposes of issues of stock by the Generating Board or by Area Boards, provision may be made by regulations made by the Minister with the approval of the Treasury—

(a) for empowering the Board issuing any such stock to charge the stock and the interest thereon upon the revenues of the Board, with or without power to charge the stock and the interest thereon upon the undertaking of the Board;

(b) for treating the obligations of such a Board under the following provisions of this Act in respect of payments to the Electricity Council, and contributions to the central guarantee fund, as a charge upon the revenues and undertaking of the Board, and for determining how that charge shall rank in relation to any charge upon those revenues or that undertaking created by the Board in connection with any such issue of stock ;

(c) for prescribing (subject to any provision made by virtue of the last preceding paragraph) the terms upon which any such stock may be issued, transferred, dealt with or redeemed;

(d) for applying (with or without modifications) any provisions of the Local Loans Act, 1875, or of any enactments relating to stock issued by a local authority;

and different provision may be made by any such regulations in relation to different Boards or in relation to different issues of stock by the same Board.

(5) The power to make regulations under this section shall be exercisable by statutory instrument; and any instrument containing such regulations shall be subject to annulment in pursuance of a resolution of either House of Parliament.