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Electricity Act 1957

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18Estimates of Boards' requirements and allocations to them of liabilities in respect of stock

(1)The Generating Board and each Area Board shall submit to the Electricity Council, at such times as the Council may direct, periodical estimates of the sums that they will require to be provided by means of borrowing by the issue of British Electricity Stock, and shall provide therewith such information as the Electricity Council may require as to the purposes for which those sums will be required; and the Electricity Council shall not proceed to exercise any powers exercisable by them of borrowing for the purpose of defraying expenditure incurred by any such Board in carrying out reorganisation or development unless the Council are satisfied that the reorganisation or development will be in accordance with a general programme settled by the Board and approved by the Minister under subsection (4) of section eight of this Act.

(2)Where the Electricity Council borrow money by the issue of British Electricity Stock, they shall determine, in accordance with a scheme from time to time settled by the Council with the Minister, after giving to the Generating Board and each Area Board an opportunity to make representations thereon to him, the shares in which the ultimate responsibility for meeting obligations in respect of that issue of stock is to be borne; and the scheme shall provide—

(a)for allocating to the Electricity Council responsibility in respect of stock issued for the provision of money required by the Council for the performance of their functions, and for allocating to the Generating Board and the Area Boards responsibility in respect of all other stock issued for the purpose of borrowing money, having regard to the extent to which the money is borrowed for the purposes of the respective Boards;

(b)for allocating to the Generating Board, the Area Boards and the Electricity Council responsibility in respect of any stock issued for the purpose of redeeming or converting British Electricity Stock, in the same proportions as responsibility was allocated in respect of the stock to be redeemed or converted.

(3)The Generating Board and each Area Board shall, at such times as may be directed by the Electricity Council, pay to the Council—

(a)such sums as may be necessary to enable the Council to make any payments, or to refund to themselves any payments made, in respect of interest on or the redemption of British Electricity Stock, including payments into a sinking fund, in so far as the payments are attributable to stock for which the Generating Board or Area Board, as the case may be, are ultimately responsible under this section, and

(b)such contributions towards the expenses incurred by the Electricity Council in issuing any British Electricity Stock, and in managing that stock, as bear to the total expenses so incurred the same proportion as the amount of the stock in respect of which the Board in question are ultimately responsible under this section bears to the total amount of the stock.

(4)The preceding provisions of this section shall apply in relation to the raising of money by the taking of Exchequer advances as they apply in relation to the borrowing of money by the issue of British Electricity Stock; and accordingly references in those provisions to borrowing money, to British Electricity Stock or an issue of such stock, to issuing such stock, or to redeeming or converting such stock, shall be construed as including references to the raising of money, to Exchequer advances, to the taking of such advances, or to repaying such advances, as the case may be.

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