http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/crossheading/temporary-restrictions-on-borrowing-of-companies/1994-10-31Coal Industry Act 1994An Act to provide for the establishment and functions of a body to be known as the Coal Authority; to provide for the restructuring of the coal industry, for transfers of the property, rights and liabilities of the British Coal Corporation and its wholly-owned subsidiaries to other persons and for the dissolution of that Corporation; to abolish the Domestic Coal Consumers’ Council; to make provision for the licensing of coal-mining operations and provision otherwise in relation to the carrying on of such operations; to amend the Coal Mining Subsidence Act 1991 and the Opencast Coal Act 1958; and for connected purposes.1994-07-05texttext/xmlenStatute Law Database2021-06-101994-10-31 SCHEDULESSCHEDULE 3 Financial structure of successor companies Temporary restrictions on borrowing of companies71If 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.2For the purposes of this paragraph an alteration of the articles of association of a relevant successor company shall be disregarded if the alteration—ahas the effect of conferring or extending any such power as is mentioned in sub-paragraph (1) above; andbis made at a time when that company has ceased to be wholly owned by the Crown.3In this paragraph “group”, in relation to a company, means that company and all of its subsidiaries taken together.
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<dc:title>Coal Industry Act 1994</dc:title>
<dc:description>An Act to provide for the establishment and functions of a body to be known as the Coal Authority; to provide for the restructuring of the coal industry, for transfers of the property, rights and liabilities of the British Coal Corporation and its wholly-owned subsidiaries to other persons and for the dissolution of that Corporation; to abolish the Domestic Coal Consumers’ Council; to make provision for the licensing of coal-mining operations and provision otherwise in relation to the carrying on of such operations; to amend the Coal Mining Subsidence Act 1991 and the Opencast Coal Act 1958; and for connected purposes.</dc:description>
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<Text>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.</Text>
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