The Iron and Steel (Compensation to Officers and Servants) (No. 2) Regulations 1953

1.—(1) These Regulations shall come into operation on the fifteenth day after the date on which they are made, and shall have effect from the 13th day of July, 1953.

(2) These Regulations may be cited as “The Iron and Steel (Compensation to Officers and Servants) (No. 2) Regulations, 1953.”

(3) These Regulations provide for payment, in the cases and to the extent hereinafter specified, of compensation to—

(a) persons who, on the day appointed under Section 1 of the Iron and Steel Act, 1953, were officers or servants of companies which on that day became subsidiaries of the Iron and Steel Holding and Realisation Agency constituted under Part III of the said Act, and who suffer loss of employment or loss or diminution of emoluments or pension rights in consequence of the duty imposed on the said Agency by Section 18 of the said Act to secure the return to private ownership of the undertakings therein mentioned, and

(b) persons who were officers or servants of the Iron and Steel Corporation of Great Britain immediately before the day appointed as aforesaid, and who suffer loss of employment or loss or diminution of emoluments or pension rights in consequence of any provision of the said Act.