Finance

^F1 1 Borrowing powers of National Coal Board.

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2, 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F5,F6 7 Payments to redundant workers.

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8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F7 Other provisions

9 Activities relating to petroleum, _cross-notes

^F8 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F8 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F8 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F8 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F9 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F10 10 Activities relating to minerals other than coal or petroleum.

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^F11 11 Overseas activities.

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12 Pensions. _cross-notes

(1) In section 37 of the Act of 1946 (regulations about pension schemes) after subsection (1) insert the following subsection—

“ (1A) Regulations may be made for providing pensions, gratuities and other like benefits in favour of persons specified in the Table in Schedule 2A to this Act, and references in subsection (1)(c) above to the purposes of paragraphs (a) and (b) of that subsection shall include references to the purposes of this subsection. ”

(2) After Schedule 2 to the Act of 1946 insert, as Schedule 2A, the provisions set out in Schedule 3 to this Act.

13 Administrative expenses.

[^F12 Any administrative expenses incurred by the Secretary of State for the purposes of this Act shall be paid out of money provided by Parliament ^F12]

14 Interpretation.

[^F12 (1) In this Act—

• “ the Act of 1946 ” means the ^M1 Coal Industry Nationalisation Act 1946;

• “ the Act of 1965 ” means the ^M2 Coal Industry Act 1965;

• “ the Act of 1971 ” means the ^M3 Coal Industry Act 1971;

• “ the Act of 1973 ” means the ^M4 Coal Industry Act 1973;

• “ the Act of 1976 ” means the ^M5 National Coal Board (Finance) Act 1976;

• “ the Board ” means the National Coal Board;

• [^F13 “ the Corporation ” means the British Coal Corporation; ^F13]

• “ wholly owned subsidiary ” shall be construed in accordance with [[^F14,F15 section 736 ^F15] of the Companies Act 1985 ^F14] .

(2) Except so far as the context otherwise requires, any reference in this Act to an enactment shall be construed as a reference to that enactment as amended or extended by or under any other enactment. ^F12]

^F12 15 Amendments and repeals.

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16 Citation, commencement and extent.

[^F12 (1) This Act may be cited as the Coal Industry Act 1977, and the Coal Industry Acts 1946 to 1976 and this Act may be cited together as the Coal Industry Acts 1946 to 1977.

(2) This Act shall come into force at the expiration of a period of one month beginning with the date on which this Act is passed.

(3) This Act does not extend to Northern Ireland, but without prejudice to the provisions of this Act relating to activities of the Board outside Great Britain. ^F12]

SCHEDULES

Section 1.

^F16 SCHEDULE 1 Borrowing by Board

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SCHEDULE 2 . . .

^F17 Section 12.

SCHEDULE 3 _cross-notes

To be inserted in the Act of 1946 as Schedule 2A

“ Eligibility for Superannuation Rights

The table below sets out classes of persons for whom rights may be provided under section 37(1A) of this Act.

Table

1 Any person who has been in the employment of a subsidiary of the Board.

2 Any person who has been in the employment of a body corporate in which the Board then had an interest of a kind defined by regulations under section 37 of this Act and which was then, or at any earlier time, a subsidiary of the Board.

3 (1) Any person who has been in the employment of a body corporate to which this head then applied.

(2) This head applies to a body corporate in which the Board, or a subsidiary of the Board, has an interest of a prescribed kind where—

(a) more than one-half in nominal value of the equity share capital of the body corporate is held by nationalised bodies, or

(b) its members consist of or include nationalised bodies, and those nationalised bodies can together control the composition of the board of directors of the body corporate, or

(c) the body corporate is a subsidiary of another body corporate to which this head applies.

(3) In this head “ prescribed ” means prescribed by regulations under section 37 of this Act , and those regulations may prescribe different kinds of interests for cases within paragraphs (a), (b) and (c) above respectively.

4 Any person who has been in the employment of a partnership where—

(a) the Board or a subsidiary of the Board was one of the partners, and

(b) that partner, together with any other partners who were nationalised bodies, had an interest, or interests, in the partnership satisfying conditions prescribed by regulations under section 37 of this Act.

5 Other persons, so far as benefits in their favour are by reference to the employment of persons within heads 1, 2, 3 or 4 above.

In this Table—

• “ nationalised body ”means—

(a) a body corporate established by or under any enactment for the carrying on of any industry or part of an industry, or of any undertaking, under national ownership or control, or

(b) a subsidiary of such a body corporate,

Section 15.

Schedule 4 Minor Amendments

Coal Industry Nationalisation Act 1946 (c.59)

1 ^F18 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F19 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F19 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F19 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F20 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F21 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F18 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Coal Industry Act 1967 (c. 91)

^F22 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F23 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F24 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F25 Section 15.

^F26 Schedule 5 Repeals

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