National Film Finance Corporation Act 1981 (repealed 5.11.1993)

The Corporation E+W+S

1 The Corporation. E+W+S

(1) There shall continue to be a body corporate called the National Film Finance Corporation (in this Act referred to as “the Corporation”).

(2) The Corporation shall consist of—

(a) a chairman and a managing director appointed by the Secretary of State; and

(b) such number of other members so appointed, not being less than three nor more than six, as the Secretary of State may from time to time determine.

(3) The members of the Corporation shall be appointed from among persons appearing to the Secretary of State qualified as having had experience, and shown capacity, in matters relating to finance, industry, commerce, administration or law.

(4) Schedule 1 (which contains supplementary provisions relating to the Corporation) shall have effect.

2 Functions of Corporation. E+W+S

(1) The Corporation may, for the purpose of financing the production or distribution of films, make loans to persons who, in the judgment of the Corporation, have reasonable expectations of being able to arrange for the production or distribution of films on a commercially successful basis.

(2) Where the Corporation have power to make a loan under subsection (1) for the purpose of financing the production or distribution of a film, and other persons are, or might be, willing to finance the production or distribution or to take part in financing it, the Corporation may—

(a) by an agreement made with those persons, guarantee to them the completion and delivery of the film and the provision of any further finance necessary for financing the production or distribution; or

(b) by an agreement made with the persons arranging for the production or distribution, undertake to make to them such loan as may be necessary to enable them to repay to the persons financing the production or distribution, within such time of the delivery of the film to a distributor as may be specified in the agreement, so much of any sums advanced by them for financing the production or distribution as may be so specified.

(3) The Corporation may, for the purpose of enabling rights to be acquired or work to be undertaken with a view to the production of films, make loans or otherwise give financial assistance to any persons who, in the judgment of the Corporation, will be able (with such assistance) to acquire those rights or to carry that work to a satisfactory conclusion.

(4) Where the Corporation have made or undertaken to make a loan or given a guarantee in connection with a film, they may act as agents in disposing of the right to distribute the film to exhibitors, whether within Great Britain or elsewhere.

(5) The Corporation may—

(a) acquire the copyright in any film and the right to reproduce any work in the form of a film; and

(b) dispose of any right acquired under paragraph (a).

(6) No loans or other financial assistance shall be made or given by the Corporation under subsection (1) or (3), or in pursuance of an agreement under subsection (2)(b), after the end of 1985; and no rights shall be acquired by them under subsection (5)(a) after the end of that year.

(7) Schedule 2 (which contains supplementary provisions relating to loans by the Corporation) shall have effect.

(8) In this section and Schedule 2 “film” includes any record (however made) of a sequence of visual images, which is a record capable of being used as a means of showing that sequence as a moving picture.

Modifications etc. (not altering text)

C1 S. 2 restricted by S.I. 1985/1942, art. 2(3)

3 Powers of Secretary of State in relation to Corporation. E+W+S

(1) The Secretary of State may, after consultation with the Corporation, give to them directions of a general character as to the exercise of their functions.

(2) The Corporation shall comply with any directions given to them under subsection (1).

(3) The Corporation shall furnish the Secretary of State with such information concerning the financial position of the Corporation as he may from time to time require.