Oil and Pipelines Act 1985

2 General functions of Agency.

3 Transfer to Agency of property etc. of Corporation.

4 Duty of Agency to dispose of surplus property etc.

5 Supplementary provisions with respect to Agency.

6 Interpretation.

7 Amendments, repeals and saving.

8 Short title, commencement and extent.

SCHEDULE 1 The Agency

Appointment and tenure of members

1(1) The members of the Agency (including the chairman who...

Remuneration etc. of members

2(1) The Agency may pay to any member such sums,...

Parliamentary etc. disqualification of members

3In Part II of Schedule 1 to the House of...

4(1) The Agency may appoint a person (who may be...

5(1) The quorum of the Agency and the arrangements relating...

6The validity of any proceedings of the Agency shall not...

Authentication of seal

7The application of the seal of the Agency shall be...

Presumption of authenticity of documents

8Any document purporting to be an instrument issued by the...

SCHEDULE 2 Provisions Supplementary to Section 3

1Any agreement made, transaction effected or other thing done by,...

2It is hereby declared for the avoidance of doubt that—...

3(1) ) It shall be the duty of the Corporation...

4(1) ) Notwithstanding the repeal of section 15 of the...

SCHEDULE 3 Financial and Other Provisions

Borrowing and investment powers etc.

1(1) Subject to the following provisions of this paragraph and...

2(1) The aggregate of the amounts outstanding, otherwise than by...

Loans by Secretary of State

3(1) The Secretary of State may, with the approval of...

Treasury guarantees

4(1) The Treasury may guarantee, in such manner and on...

Grants by Secretary of State

5(1) The Secretary of State may, with the approval of...

Payments to Secretary of State

6(1) ) The Secretary of State may, with the approval...

Provision of information for Secretary of State

7(1) It shall be the duty of the Agency to...

8(1) ) It shall be the duty of the Agency...

Accounts and audit

9(1) It shall be the duty of the Agency—

Meaning of “accounting year”

10(1) In this Schedule “accounting year” means, subject to sub-paragraph...

SCHEDULE 4 Repeals

Part I Repeals Coming into Force on Transfer Date

Part II Repeals Coming into Force on Dissolution of Corporation

Royal arms

Oil and Pipelines Act 1985

1985 CHAPTER 62

An Act to provide for the establishment and functions of a body corporate to be called the Oil and Pipelines Agency, for the vesting in that Agency of the property, rights and liabilities of the British National Oil Corporation and for the subsequent dissolution of that Corporation.

[30th October 1985]

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—