42†Duty of the Minister to prosecute safety and health research, and winding up of research endowment fund.E+W+S
(1)(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(3)The trust declared by a deed executed on the nineteenth day of April, nineteen hundred and twenty-six, by Ernest Arthur Gowers, Permanent Under-Secretary for Mines, and Ernest Julian Foley, Senior Assistant Under-Secretary, both of the Mines Department of the Board of Trade, to apply the income of the Mining Research (Safety and Health) Endowment Fund in or towards defraying the expenses of and incidental to the work of research into the causes of mining dangers (including dangers to health) and the means for preventing such dangers carried on under the direction of the Safety in Mines Research Board, shall be determined, and—
(a)all property subject to the trust, and all property held by the trustees together with such property, shall, by virtue of this paragraph, vest in the Minister;
(b)the Minister shall, at such time as the Treasury direct, sell and convert into money so much of the property so vesting as does not consist of cash, and shall pay into the Exchequer the proceeds of sale and so much of the property so vesting as consists of cash; and
(c)the Minister shall pay into the Exchequer income of the property so vesting which accrues before the sale thereof under the last preceding paragraph.
(4)As respects an amount of stock of any description vested in the Minister by virtue of the last preceding subsection, the Bank of England shall make, in the register relating to stock of that description kept by them under the Government Stock Regulations, 1943, such alterations as are requisite in consequence of the enactment of paragraph (a) of that subsection.
Textual Amendments
F1Ss. 42(1)(2) repealed by S.I. 1974/2011
Modifications etc. (not altering text)
C1Unreliable marginal note