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The Coal Industry (Limit on Deficit Grants) Order 1988
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- 1988 No. 455
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
Section 2(4) of the Coal Industry Act 1987 imposes a limit of £100 million on the aggregate amount of grants which may be made by the Secretary of State, with the approval of the Treasury, to the British Coal Corporation under section 2(1) of that Act towards any group deficit of the Corporation for their financial years ending in March 1988 and 1989. The section also empowers the Secretary of State, with the approval of the Treasury, to increase the limit by Order.
This Order increases the limit to £200 million, the maximum permitted by section 2(4).
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