Dissolution of National Film Finance Corporation.
3
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Where in consequence of an order under the said paragraph 8 (whether made by virtue of subsection (1) or not)—
a
any property or right of the Corporation becomes vested in the Secretary of State; or
b
any amount is received by the Secretary of State in respect of any such property or right,
the Secretary of State shall deal with that property, right or amount in such manner as he thinks fit for any purpose connected with the British film industry.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
The Secretary of State may, in the case of any right to which this subsection applies, arrange for the right to be transferred, on such conditions as he thinks fit, to any British company or partnership in whose case he is satisfied as to the following matters, namely—
a
that the company or partnership will use its best endeavours to encourage the production of relevant films on a commercially successful basis; and
b
that it is willing and able to make financial facilities available to persons who wish to arrange for the production of relevant films;
and, subject to any such conditions, the company or partnership may dispose of the right (whether wholly or to any lesser extent) and retain any sums accruing therefrom.
5
Subsection (4) applies to—
a
any copyright or share of a copyright or any licence granted under a copyright;
b
any right in, or relating to the exploitation of, a film and not within paragraph (a).
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
In this section—
- “British company” means a company incorporated under the laws of Great Britain, being a company—
  1. over which a Commonwealth citizen has control, or two or more Commonweath citizens are together in a position to exercise control, or
  2. over which a company which is a British company by virtue of the preceding provisions of this definition has control, or two or more such companies or such a company and a Commonwealth citizen are together in a position to exercise control;
- “British partnership” means a limited partnership formed in accordance with the Limited Partnerships Act 1907 in which the general partner within the meaning of that Act, or (as the case may be) each of the general partners, is a British company;
- “control”, in relation to a company, means the power of a person or combination of persons to secure—
  1. by means of the holding of shares or the possession of voting power in or in relation to that company or any other body corporate, or
  2. by virtue of any powers conferred by the articles of association or other document regulating that company or any other body corporate,
that the affairs of the company are conducted in accordance with the wishes of that person or those persons;
- “relevant film” means a film which is intended to satisfy (whether wholly or to a substantial extent) the conditions that must be satisfied under Schedule 1 to this Act for a film to be a British film for the purposes of that Schedule.
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 3(3),(6) and (8) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.IX.
S. 3(7) amended (27.8.1999) by S.I. 1999/2386, art. 1(3)
S. 3(7) modified (10.3.2000) by S.I. 2000/756, art. 1(2)
1907 c. 24.
S. 3(1) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 5, Group 19