(1) All the functions of the Secretary of State under Part I of this Act, except the power to make orders under section 5 or 6 of this Act, shall be exercised and performed through the Export Credits Guarantee Department, which shall continue to be a Department of the Secretary of State.
(2) There shall continue to be an Export Guarantees Advisory Council.
(3) The function of the Council shall be to give advice to the Secretary of State, at his request, in respect of any matter relating to the exercise of his functions under this Act.
(4) In exercising his duty under section 11(2) of this Act, the Secretary of State shall consult the Export Guarantees Advisory Council.
(1) Any sums required by the Secretary of State for making payments or for defraying his administrative expenses under this Act shall be paid out of money provided by Parliament and any sums received by the Secretary of State by virtue of this Act shall be paid into the Consolidated Fund.
(2) If any sum required by the Secretary of State for fulfilling his liabilities under this Act is not paid out of money provided by Parliament, it shall be charged on and paid out of the Consolidated Fund.
(1) This Act may be cited as the Export and Investment Guarantees Act 1991.
(2) In this Act “the old law” means the [1978 c. 18.] Export Guarantees and Overseas Investment Act 1978 and any earlier enactment from which any provision of that Act was derived.
(3) Any power to make an order under section 5 or 6 of this Act shall be exercisable by statutory instrument and no such order shall be made unless a draft of it has been laid before and approved by resolution of the House of Commons.
(4) The Export Guarantees and Overseas Investment Act 1978 is repealed.
(5) Subsection (4) above does not affect any power exercisable by the Secretary of State in respect of arrangements made under the old law.
(6) This Act shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint and different days may be appointed for different provisions and for different purposes.
Section 8.
1 A certificate by the Secretary of State that anything specified in the certificate has vested on any day in any person by virtue of a scheme under section 8 of this Act shall be conclusive evidence for all purposes of that fact.
2 (1) This paragraph applies to any agreement made, transaction effected or other thing (not contained in an enactment) which—
(a) has been made, effected or done by, to or in relation to the Secretary of State,
(b) relates to any property, right or liability transferred from the Secretary of State in accordance with the scheme, and
(c) is in force or effective immediately before the day on which the scheme comes into force.
(2) The agreement, transaction or other thing shall have effect on and after that day as if made, effected or done by, to or in relation to the transferee.
(3) Accordingly, references to the Secretary of State which relate to or affect any property, right or liability of the Secretary of State vesting by virtue of the scheme in the transferee and which are contained—
(a) in any agreement (whether or not in writing), deed, bond or instrument,
(b) in any process or other document issued, prepared or employed for the purpose of any proceeding before a court or other tribunal or authority, or
(c) in any other document whatever (other than an enactment) relating to or affecting any property, right or liability of the Secretary of State which vests by virtue of the scheme in the transferee,
shall be taken on and after that day to refer to the transferee.