HC Deb 26 July 1966 vol 732 cc1677-8

Resolution reported,

That, for the purposes of any Act of the present Session to provide for the establishment of a National Steel Corporation and the transfer thereto of the securities of certain companies engaged in the production of steel (hereinafter referred to as "the Act") it is expedient—

(1) to authorise the charge on the Consolidated Fund or the issue thereout of—

  1. (a) the principal of, and interest on, stock to be issued under provisions of the Act for making compensation for the vesting there under of securities of companies and other property and of rights;
  2. (b) any sums required by the Treasury to enable them to pay interest on the amount of any compensation for the vesting under the Act of property (other than securities) or of rights in respect of the period from the vesting of the property of rights until the date of payment of the compensation;
  3. (c) such sums as are necessary to enable the Minister of Power (hereinafter referred to as "the Minister") to lend money to the said Corporation;
  4. (d) any sums required by the Treasury for fulfilling any guarantee given by them for the repayment of the principal of, or the payment of interest on, sums borrowed by the said Corporation from a person other than the Minister;
  5. (e) expenses in connection with the issue, repayment or management of stock issued as aforesaid;

(2) to authorise the Treasury, for the purpose of providing sums to be issued out of the Consolidated Fund for the purpose referred to in paragraph (1)(c) above, of providing for the replacement of sums so issued, or of providing sums required to redeem stock issued as mentioned in paragraph (1)(a) above, to raise money in any manner in which they are authorised to raise money under the National Loans Act 1939;

(3) to authorise the payment into the Exchequer of any sums received—

  1. (a) by the Minister, by way of interest on. or repayment of, the debt which under the provisions of the Act is to be assumed by the said Corporation to him or sums lent to them by him;
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  3. (b) by the Treasury, by way of interest on, or repayment of, any sums paid by them in fulfilment of any such guarantee as is mentioned in paragraph (1)(d) above;
  4. (c) by the Minister, by way of repayment by the said Corporation of sums paid by him by way of such remuneration, allowances or expenses as are mentioned in paragraph (4)(a)(ii) or (iii) below;
and the issue out of the Consolidated Fund of sums paid into the Exchequer representing such interest or repayment as is mentioned in sub-paragraph (a) of this paragraph and the application of sums so issued in redemption or repayment of debt, or, in so far as they represent interest, towards meeting such part of the annual charges for the National Debt as represents interest;

(4) to authorise the payment out of moneys provided by Parliament of—

  1. (a) such sums as are requisite to enable the Minister to pay—
    1. (i) allowances to the members of the Iron and Steel Consumers' Council to be re-established by virtue of the Act and of any committee of that Council, remuneration and allowances to the clerks, officers and staff of that Council and expenses of that Council and of any committee thereof;
    2. (ii) remuneration and allowances to, and expenses incurred by, stockholders' representatives to be appointed by virtue of the Act;
    3. (iii) remuneration and allowances to members and officers of the Iron and Steel Arbitration Tribunal to be re-established by virtue of the Act and persons to whom proceedings are referred by that Tribunal for inquiry and report and other expenses of that Tribunal;
  2. (b) any increase attributable to provisions of the Act in the sums which, under section 12(3) of the Industrial Training Act 1964, as amended by the Redundancy Payments Act 1965, are defrayed out of moneys so provided;
  3. (c) any administrative expenses of the Minister incurred for the purposes of the Act or the provisions thereby revived of the Iron and Steel Act 1949.

Resolution agreed to.