Application of enactments to certain continuing liabilitiesU.K.
3(1)Where any loan made to the Corporation under section 7 of the M1Development of Inventions Act 1967 or to the Board under paragraph 2 of Schedule 2 to the M2Industry Act 1975 (loans by Secretary of State) is in existence immediately before the appointed day, any terms which are then applicable to the loan shall continue to apply to it after it becomes a liability of the successor company by virtue of section 1 of this Act; and section 7(5) of the Act of 1967 and paragraph 2(2) of Schedule 2 to the Act of 1975 shall continue to have effect as respects sums received by virtue of this paragraph.U.K.
(2)Any sums received by the Secretary of State from the successor company in the discharge of any liability to make a payment under paragraph 5(3) or (3A) of Schedule 2 to the Industry Act 1975 (public dividend capital) which accrued before the appointed day (and accordingly has become a liability of the successor company by virtue of section 1 of this Act) shall be paid into the Consolidated Fund.
Commencement Information
I1Sch. 3 para. 3 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art. 2
Marginal Citations