HL Deb 16 October 1975 vol 364 cc1070-1

Amendments extending powers to give selective financial assistance under Industry Act 1972

1. The following provisions of section 7 (selective financial assistance for industry in assisted areas) of the Industry Act 1972 are repealed, namely—

  1. (a) the words in subsection (4) from the beginning to "and"(which restrict the power to give assistance by means of investment by acquisition of loan or share capital to cases where the Secretary of State is satisfied that financial assistance cannot, or cannot appropriately, be given in any other way); and
  2. (b) subsection (5) (which requires the Secretary of State to dispose of shares or stock as soon as, in his opinion, it is reasonably practicable to do so).

2. The following provisions of section 8 of that Act (general powers of selective financial assistance) are repealed, namely—

  1. (a) subsection (1)(c) (which prevents the exercise of the powers conferred by the section unless financial assistance cannot, or cannot appropriately, be provided otherwise than by the Secretary of State);
  2. (b) in subsection (3)—
    1. (i) the words from the beginning to "and" in the first place where it occurs, (which correspond to the words in section 7(4) repealed by paragraph (1)(a) above); and
    2. (ii) paragraph (b) (which prevents the Secretary of State, in exercise of his powers under the section, acquiring more than half, by nominal value, of the equity share capital of any company);
  3. (c) subsection (4) (which corresponds to section 7(5)); and
  4. (d) subsection (5) (which limits the duration of the Secretary of State's powers under making of a payment in pursuance of an undertaking previously given, to the period ending 31st December 1977).

Minor and consequential amendments to Part II of Industry Act 1972

3. In section 7(4) of that Act (selective financial assistance for industry in assisted areas), for the words "so described" there shall be substituted the words "described in subsection (3)(a) above".

4. In section 8(3) of that Act (selective financial assistance: general powers), for the words "so described" there shall be substituted the words "described in subsection (3)(a) of the last preceding section".

5. The following subsection shall be added at the end of section 9 of that Act (Industrial Development Advisory Board):— (5) Any reference in this section to the Secretary of State's functions under sections 7 and 8 of this Act includes a reference to his functions under section 3 of the Industry Act 1975.

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