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Coal Industry Nationalisation Act 1946

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This is the original version (as it was originally enacted).

10Compensation for transfer, and basis for assessment thereof

(1)Compensation shall be made as hereinafter provided in respect of the transfer to the Board of the transferred interests.

(2)The compensation to be so made shall be ascertained separately as hereinafter provided in respect of—

(a)the value of the transferred interests so far as determined as hereinafter provided to be attributable to their usefulness for activities relevant to district wages ascertainments (in this Act referred to as the " coal " industry value " of the transferred interests) ;

(b)the value thereof so far as not falling within the preceding paragraph (in this Act referred to as their " value for subsidiary purposes ").

(3)The aggregate amount of the compensation to be made in respect of the coal industry value of all the transferred interests shall be a sum fixed, in accordance with the terms of reference specified in the agreement made in that behalf before the passing of this Act between the Minister and the Mining Association of Great Britain, by a tribunal constituted as therein specified.

(4)The said sum shall be apportioned as hereinafter provided as between the districts that are to be valuation districts for the purposes of this Act.

(5)The transferred interests shall be dealt with for the purposes of compensation in units constituted as hereinafter provided (in this Act referred to as " compensation units "), each of which shall be allocated as hereinafter provided to one of the valuation districts, and the amount of the compensation to be made in respect of a compensation unit which is allocated to any valuation district shall be the aggregate of—

(a)an amount bearing the same proportion to what is certified as hereinafter provided to be the coal industry value of that unit as the amount apportioned to that district under subsection (4) of this section bears to the aggregate of what is so certified to be the coal industry values of all compensation units allocated to that district in respect of which compensation is to be made ; and

(b)an amount equal to what is certified as hereinafter provided to be the value for subsidiary purposes of that unit.

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