HC Deb 04 April 1957 vol 568 cc619-20

Amendments made:In page 11, line 4, at end insert: (2) The Generating Board or any Area Board may create and issue any stock required for the purpose of exercising their powers under the last preceding section; and any stock so created and issued by one of those Boards shall be known by the name of that Board followed by the word "Stock ".

In line 14, at end insert: (3) For the purposes of issues of stock by the Generating Board or by Area Boards, provision may be made by regulations made by the Minister with the approval of the Treasury—

  1. (a) for empowering the Board issuing any such stock to charge the stock and the interest thereon upon the revenues of the Board, with or without power to charge the stock and the interest thereon upon the undertaking of the Board;
  2. (b) for treating the obligations of such a Board under the following provisions of this 620 Act in respect of payments to the Electricity Council, and contributions to the central guarantee fund, as a charge upon the revenues and undertaking of the Board, and for determining how that charge shall rank in relation to any charge upon those revenues or that undertaking created by the Board in connection with any such issue of stock;
  3. (c) for prescribing (subject to any provision made by virtue of the last preceding paragraph) the terms upon which any such stock may be issued, transferred, dealt with or redeemed;
  4. (d) for applying (with or without modifications) any provisions of the Local Loans Act. 1875, or of any enactments relating to stock issued by a local authority;
and different provision made be made by any such regulations in relation to different Boards or in relation to different issues of stock by the same Board.

In line 15, leave out "the last preceding subsection" and insert "this section".—[Mr. Maudling.]