§ [Nos. 19–28]
§ Clause 10, page 6, line 8, leave out from beginning to ("by") in line 9 and insert ("In any case where it appears to the Secretary of State that the powers conferred on him").
§ Clause 10, page 6, line 10, leave out ("may be exercised by the Agency") and insert ("are exercisable and ought to be exercised, the Secretar of State, with the consent of the Treasury, may direct the Agency to exercise them; and the Agency shall not require the consent of the Treasury to the 712 exercise of any such powers in pursuance of such a direction").
§ Clause 10, page 6, line 12, leave out sub-section (2).
§ Clause 10, page 6, line 28, at end insert ("but nothing in a subsequent direction shall relieve the Agency of a contractual liability to which they are subject in consequence of an earlier direction").
§
Clause 10, page 6, line 28, 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—
§ Clause 10, page 6, line 29, leave out ("set out any direction") and insert ("specify any direction that has been").
§ Clause 10, page 6, line 30, at end insert ("and give the information concerning it that is required to be specified in a statement under subsection (6) above"):
§
Clause 10, page 6, line 30, at end insert—
("7A) In any case where the Agency are exercising the Secretary of State's powers in pursuance of a direction under this section, section 7(4) of the Industry Act 1972 (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 Agency) to obtain the consent.").
§ Clause 10, page 6, line 34, after ("of") insert (" and incidental to").
§
Page 7, line 6, at end insert—
("(13A) For the avoidance of doubt it is hereby declared, without prejudice to the generality of section 2(8) above, that powers exercised by the Agency under this section are not exercised on behalf of the Crown or of any government department.").
§ 7.10 p.m.
§ Lord LOVELL-DAVISMy Lords, with the leave of the House I beg to move that this House doth agree with the Commons in their Amendments Nos. 19 to 28 en bloc. These Amendments to Clause 10 of the Bill are straightforward. They follow Amendments made to the comparable clauses in the Scottish Development Agency and Industry Bills, and most of them are designed to meet points made either in your Lordships' House by the noble Lord, Lord Elton, or in another place.
Amendments Nos. 19, 20, 21 and 26 serve a simple purpose and meet points made in this House. They make it quite 713 clear that all the restrictions and limitations on the use of the powers in Section 7 of the 1972 Industry Act which apply when the Secretary of State exercises the powers himself will continue to apply to him when he directs the Agency to exercise those powers. Amendment No. 22 safeguards the position of companies receiving selective financial assistance via the Agency by providing that subsequent directions by the Secretary of State shall not release the Agency from their normal contractual obligations. Amendments Nos. 23 and 24 ensure that directions given to the Agency to act as a channel for selective financial assistance will be brought to the attention of Parliament and public at the time they are given and that the Agency's annual report shall specify any direction that has been given.
Amendment No. 25 ensures that the Agency's annual report will contain the same information concerning a direction as has been contained in the statement which the Secretary of State has to lay before Parliament. Amendment No. 27 is a drafting Amendment designed to achieve consistency between the wording in Clause 10(9) and paragraph 7(5) of Schedule 3. Finally, Amendment No. 28 makes it clear that when exercising the power to give selective financial assistance the Agency are not to be regarded as the servant or agent of the Secretary of State. This will ensure that the Agency will have every incentive to act efficiently and prudently. My Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 19 to 28 inclusive.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Lovell-Davis.)
§ On Question, Motion agreed to.