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Coal Industry Act 1994

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Changes over time for: Cross Heading: Temporary restrictions on borrowing of companies

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Coal Industry Act 1994, Cross Heading: Temporary restrictions on borrowing of companies is up to date with all changes known to be in force on or before 31 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Temporary restrictions on borrowing of companiesE+W+S

7(1)If articles of association of a relevant successor company confer on the Secretary of State powers exercisable with the consent of the Treasury for, or in connection with, restricting the sums of money which may be borrowed or raised during any period by the group to which that company belongs, those powers shall be exercisable in the national interest notwithstanding any rule of law and the provisions of any enactment.E+W+S

(2)For the purposes of this paragraph an alteration of the articles of association of a relevant successor company shall be disregarded if the alteration—

(a)has the effect of conferring or extending any such power as is mentioned in sub-paragraph (1) above; and

(b)is made at a time when that company has ceased to be wholly owned by the Crown.

(3)In this paragraph “group”, in relation to a company, means that company and all of its subsidiaries taken together.

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