§ Mr. Swinglerasked the Minister of Fuel and Power what arrangements are being made to prevent colliery concerns disposing of assets in advance of the vesting date with a view to avoiding transference to the National Coal Board under the Coal Industry Nationalisation Act.
§ Mr.. ShinwellSpecial provisions of a comprehensive character have been included in the First Schedule of the Act to guard against any disposal of the assets. The broad effect of these provisions is to nullify any transaction of this kind which has taken, or may take place, after 1st January, 1946, unless it can be proved that it was entered into in the ordinary course of business, such as the sale of coal by a colliery concern, and was in no way connected with the provisions of the Act nor in anticipation of these provisions. Persons who enter into transactions with colliery concerns which are not clearly covered by the exceptions mentioned should be aware therefore that they do so at their own risk.