HC Deb 01 July 1975 vol 894 cc1323-4

Amendments made:

No. 10, in page 3, line 20, leave out from beginning to 8 in line 21 and insert: 'in any case where it appears to the Secretary of State that the powers conferred on him by the powers conferred on him by section 7 or'

No. 11, in page 3, line 22, leave out 'may be exercised by the Board' and insert: 'are exercisable and ought to be exercised, the Secretary of State, with the consent of the Treasury, may direct the Board to exercise them and the Board shall not require the consent of the Treasury to the exercise of any such powers in pursuance of such a direction'.

No. 12, in page 3, line 24, leave out subsection (2).

No. 13, in page 3, line 39, at end insert: 'but nothing in a subsequent direction shall relieve the Board of a contractual liability to which they are subject in consequence of an earlier direction'.

No. 14, in page 3, line 39, at end insert: '(6A) as soon as practicable after the Secretary of State has given a direction under this section he shall lay before each House of Parliament a statement specifying—

  1. (a) the amount of assistance that the Board are to give in pursuance of the direction;
  2. (b) how and to whom they are to give it; and
  3. (c) where it is to be given under section 7 of the Industry Act 1972, the assisted area in which the undertaking for which it is provided is or will be situated.'.

No. 16, in page 3, line 40, leave out 'set out any direction' and insert: 'specify any direction that has been'.

No. 17, in page 3, line 41, at end insert: 'and give the information concerning it that is required to be specified in a statement under subsection (6A) above,'.

No. 18, in page 3, line 41, at end insert: '(7A) In any case where the Board are exercising the Secretary of State's powers in pursuance of a direction under this section, sections 7(4) and 8(3)(a) of the Industry Act 1972 (each of which requires the consent of a company to the acquisition of its shares or stock) shall be construed, notwithstanding the fact that the direction has been given, as requiring the Secretary of State (and not the Board) to obtain the consent.'.

No. 19, in page 4, line 34, at end add— '(15A) It is hereby declared that nothing in this section affects—

  1. (a) the power conferred on the Secretary of State by subsection (7) of section 8 of the Industry Act 1972 (power to increase the limit on financial assistance under that section), or
  2. (b) the duty imposed on him by subsection (8) of that section (duty to obtain a resolution of the House of Commons for assistance in excess of £5 million),
or confers or imposes any corresponding power or duty on the Board.'.—[Mr. Varley.]

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