Modifications etc. (not altering text)
C1Pt. II (ss. 65-95) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(a)
(1)The following powers, namely—
(a)the power conferred on the Secretary of State by subsection (3) of section 2 of the M1Electricity and Gas Act 1963 to give directions as to the repayment of advances made by him under that section to the Electricity Council; and
(b)the power conferred on the Secretary of State by subsection (2) of section 24 of the M2Electricity (Scotland) Act 1979 to give directions as to the repayment of advances made by him under that section to a Scottish Board,
shall include power to direct the Council or Board to discharge its liabilities in respect of any advance so made by a payment to him, on such date as is specified in the direction, of such amount as is so specified.
(2)The Treasury may direct the Electricity Council or a Scottish Board to do anything specified in the direction which is requisite or expedient for the purpose of securing the discharge, or the transfer to the Treasury, of the Council’s or Board’s liabilities in respect of any foreign currency loan made to the Council or Board.
(3)Where the liabilities of the Electricity Council or a Scottish Board in respect of any foreign currency loan made to the Council or Board are to be discharged (whether in pursuance of a direction under subsection (2) above or otherwise), the Treasury may direct that the amount to be paid to the Treasury by the Council or Board for the foreign currency required for the purpose of securing the discharge shall be such amount as is specified in the direction.
(4)Where the liabilities of the Electricity Council or a Scottish Board in respect of any foreign currency loan made to the Council or Board are to be transferred to the Treasury (whether in pursuance of a direction under subsection (2) above or otherwise), the Treasury may direct the Council or Board to pay to the Treasury, on the date of the transfer, such amount as is specified in the direction.
(5)The amount specified in a direction under subsection (1), (3) or (4) above shall be the aggregate of the present values (calculated in such manner and by reference to such rate of interest as the Secretary of State with the approval of the Treasury or, as the case may be, the Treasury may determine) of—
(a)in the case of a direction under subsection (1), the payments which, if the Council’s or Board’s liabilities in respect of the advance were not discharged before the final date, would fall to be made to the Secretary of State in respect of the advance;
(b)in the case of a direction under subsection (3) or (4), the payments which, if the Council’s or Board’s liabilities in respect of the loan were not discharged or transferred before the final date, would fall to be made to the Treasury under the relevant exchange cover agreement.
(6)The Secretary of State may direct the Electricity Council to exercise its powers under section 21 of the M3Electricity Act 1957 in relation to any amount which falls to be paid by the Council in pursuance of a direction under subsection (1), (3) or (4) above in such manner as is specified in the direction under this subsection; and such a direction may in particular require contributions to be made by all or any of the Electricity Boards in England and Wales in such amounts as are specified in the direction.
(7)Any sums received by the Secretary of State in pursuance of a direction under subsection (1) above or by the Treasury in pursuance of a direction under subsection (4) above shall be paid into the National Loans Fund; and any sums received by the Treasury in pursuance of a direction under subsection (3) above shall be paid into the Exchange Equalisation Account.
(8)In this section—
“the final date”, in relation to an advance or loan, means the date on which the final payment in respect of the advance or loan falls to be made;
“foreign currency” means a currency other than sterling;
“foreign currency loan” means a loan made wholly or mainly in a foreign currency;
“the relevant exchange cover agreement”, in relation to a foreign currency loan, means the agreement made under section 1 of the M4Exchange Equalisation Account Act 1979 with respect to the payments falling to be made in respect of that loan.