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This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.
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An Act to make provision for compensating certain statutory corporations in respect of financial loss due to compliance with the national policy relating to limitation of prices, and for extending the borrowing powers of certain statutory corporations; and for purposes connected with those matters.
[8th February 1974]
F1Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5
F1S. 2 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), Sch. 5
F1Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5
(1)With a view to securing that the borrowing powers of the bodies corporate specified in the first column of Schedule 2 to this Act will extend—
(a)to the borrowing of money in a currency other than sterling from any person and in any manner, and
(b)to the borrowing of money in sterling from the Commission of the European Communities and from the European Investment Bank,
the enactments specified in the second column of that Schedule shall have effect subject to the amendments specified in the third column of that Schedule, and any other enactment which applies any of those enactments to any of those bodies corporate shall be construed as applying it as so amended.
(2)For the purpose of extending the borrowing powers of development corporations and of the Commission for the New Towns, and of making provision consequential upon the extension of those powers, the enactments specified in Schedule 3 to this Act shall have effect subject to the amendments specified in that Schedule.
(3)Any increase in—
(a)the sums required by the Treasury for fulfilling guarantees given in respect of money borrowed under any of the enactments specified in Schedule 2 to this Act, or
(b)the sums received by the Treasury in consequence of any such guarantee,
which is an increase attributable to any of the amendments specified in that Schedule shall be charged on and issued out of the Consolidated Fund or (as the case may be) shall be paid into that Fund.
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(2)Except in so far as the context otherwise requires, any reference in this Act to an enactment shall be construed as a reference to that enactment as amended or extended by or under any other enactment.
F1Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5
This Act may be cited as the Statutory Corporations (Financial Provisions) Act 1974.
F1Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5
Section 4.
| Bodies Corporate | A ct | Amendment |
|---|---|---|
| 1.(1)The British Railways Board. | The Transport Act 1962 (10 & 11 Eliz. 2. c. 46). | In section 19(2), after the word “Minister” there shall be inserted the words “or, with the consent of the Secretary of State and the approval of the Treasury, may borrow (otherwise than by way of temporary loan) in a currency other than sterling from any person, or in sterling from the Commission of the European Communities or from the European Investmen t Bank”. |
| (2)The British Transport Docks Board. | In section 21(1) the words “subsection (1) of” shall be omitted. | |
| (3)The British Waterways Board. | ||
| (4)The National Bus Company. | ||
| (5)The Scottish Transport Group. | ||
| (6) . . . F1 | ||
| 2.(1)–(3) . . . F2 | . . . F2 | . . . F2 |
| 3. The British Gas Corporation | The Gas Act 1972 (1972 c. 60). | In section 17(3), in paragraph (b), after the word “Treasury” there shall be inserted the words “in sterling from the Commission of the European Communities or the European Investment Bank, or”. |
| 4. . . . F3 | . . . F3 | . . . F3 |
| 5. . . . F4 | . . . F4 | . . . F4 |
| 6.(1) The British Overseas Airways Corporation. | The Air Corporations Act 1967 (1967 c. 33). | In section 7(2) (as substituted by paragraph 19 of Schedule 10 to the Civil Aviation Act 1971), after the word “Board” there shall be inserted the words “or, subject to those limits and with the consent of the Secretary of State and the approval of the Treasury, may borrow in sterling from the Commission of the European Communities or from the European Investment Ba nk”. |
| (2) The British European Airways Corporation. | In section 10(1), in paragraph (a) the word “temporary” shall be omitted ; and in paragraph (c), for the words “any such loan as is mentioned in the last preceding paragraph” there shall be substituted the words “a loan raised by the corporation”. | |
| 7. (1)–(2) . . . F5 | . . . F5 | . . . F5 |
| 8. . . . F6 | . . . F6 | . . . F6 |
| 9. The Covent Garden Market Authority. | The Covent Garden Market Act 1961 (9 & 10 Eliz. 2. c. 49). | In section 38, in subsection (2), the words “may borrow by the issue of stock or debentures” shall be omitted, and at the end of that subsection there shall be inserted the words “may borrow from any person by the issue of stock or debentures, or may borrow from any person any sum in a currency other than sterling, or may borrow any sum in sterling from the Commission of the European Communities or the European Investmen t Bank”. |
| The Covent Garden Market Act 1966 (1966 c. i). | In section 34, at the end of subsection there shall be inserted the words “or the repayment of the principal of, and the payment of interest on, any money borrowed by the Authority (otherwise than by the issue of stock or debentures) under subsection (1) or subsection (2) of section 38 of the Act of 1961”. | |
| 10. . . . F7 | . . . F7 | . . . F7 |
F1Sch. 2 para. 1 entries repealed by Transport Act 1980 (c. 34, SIF 126), Sch. 9 Pt. III
F2Sch. 2 para. 2 entries relating to the Electricity Council, the North of Scotland Hydro-Electric Board and the South of Scotland Electricity Board repealed by Electricity Act 1989 (c. 29, SIF 44:1), s. 112(3)(4), 113(2), Sch. 17 para. 35(1), Sch. 18
F3Sch. 2 para. 4 repealed by British Telecommunications Act 1981 (c. 38, SIF 96), s. 89, Sch. 6 Pt. II
F4Sch. 2 para. 5 repealed by Airports Authority Act 1975 (c. 78), Sch. 6
F5Sch. 2 para. 7 repealed by Civil Aviation Act 1980 (c. 60, SIF 9), s. 28, Sch. 3 Pt. II
F6Sch. 2 para. 8 repealed by Iron and Steel Act 1975 (c. 64), Sch.7
F7Sch. 2 para. 10 repealed by Maplin Development Authority (Dissolution) Act 1976 (c. 51), Sch.
C1The text of Schs. 2, 3 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and except as specified does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
Statutory Corporations (Financial Provisions) Act 1974