http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/paragraph/6/1994-10-31Coal 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 Distributable reserves of companies61Where statutory accounts of a relevant successor company prepared as at any time would show the company as having net assets in excess of the aggregate of—aits called-up share capital, andbthe amount, apart from any property, rights and liabilities to which the company has become entitled or subject in accordance with any restructuring scheme, of its undistributable reserves,then, for the purposes of section 263 of the Companies Act 1985 (profits available for distribution) and of the preparation as at that time of any statutory accounts of the company, that excess shall be treated, except so far as the Secretary of State may otherwise direct, as representing an excess of the company’s accumulated realised profits over its accumulated realised losses.2For the purposes of section 264 of the Companies Act 1985 (restriction on distribution of assets) so much of any excess of a company’s net assets as falls, in accordance with a direction under sub-paragraph (1) above, to be treated otherwise than as representing an excess of the company’s accumulated realised profits over its accumulated realised losses shall be treated (subject to any modification of that direction by a subsequent direction under this paragraph) as comprised in the company’s undistributable reserves.3A direction under this paragraph may provide, in relation to any amount to which it applies, that, on the realisation (whether before or after the company in question ceases to be wholly owned by the Crown) of such profits and losses as may be specified or described in the direction, so much of that amount as may be determined in accordance with the direction is to cease to be treated as mentioned in sub-paragraph (2) above and is to fall to be treated as comprised in the company’s accumulated realised profits.4The Secretary of State shall not give a direction under this paragraph in relation to a relevant successor company at any time after the company has ceased to be wholly owned by the Crown.5In exercising his power to give a direction under this paragraph, the Secretary of State shall have regard, in particular, to the provisions of Schedule 4 to this Act and to any provision contained in any restructuring scheme by virtue of any provision of that Schedule.6The consent of the Treasury shall be required for the giving of a direction under this paragraph.7In this paragraph—called-up share capital” has the same meaning as in the Companies Act 1985;net assets” has the meaning given by subsection (2) of section 264 of that Act; andundistributable reserves” has the meaning given by subsection (3) of that section;and references in this paragraph, in relation to a company, to statutory accounts are references to accounts of that company prepared in respect of any period in accordance with the requirements of that Act, or with those requirements applied with such modifications as are necessary where that period is not an accounting reference period.1985 c. 6. 1985 c. 6. 1985 c. 6.
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<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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<Title> Distributable reserves of companies</Title>
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<Text>Where statutory accounts of a relevant successor company prepared as at any time would show the company as having net assets in excess of the aggregate of—</Text>
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<Text>the amount, apart from any property, rights and liabilities to which the company has become entitled or subject in accordance with any restructuring scheme, of its undistributable reserves,</Text>
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then, for the purposes of section 263 of the
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Companies Act 1985 (profits available for distribution) and of the preparation as at that time of any statutory accounts of the company, that excess shall be treated, except so far as the Secretary of State may otherwise direct, as representing an excess of the company’s accumulated realised profits over its accumulated realised losses.
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For the purposes of section 264 of the
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Companies Act 1985 (restriction on distribution of assets) so much of any excess of a company’s net assets as falls, in accordance with a direction under sub-paragraph (1) above, to be treated otherwise than as representing an excess of the company’s accumulated realised profits over its accumulated realised losses shall be treated (subject to any modification of that direction by a subsequent direction under this paragraph) as comprised in the company’s undistributable reserves.
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<Text>A direction under this paragraph may provide, in relation to any amount to which it applies, that, on the realisation (whether before or after the company in question ceases to be wholly owned by the Crown) of such profits and losses as may be specified or described in the direction, so much of that amount as may be determined in accordance with the direction is to cease to be treated as mentioned in sub-paragraph (2) above and is to fall to be treated as comprised in the company’s accumulated realised profits.</Text>
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<Text>The Secretary of State shall not give a direction under this paragraph in relation to a relevant successor company at any time after the company has ceased to be wholly owned by the Crown.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/paragraph/6/5/1994-10-31" IdURI="http://www.legislation.gov.uk/id/ukpga/1994/21/schedule/3/paragraph/6/5" id="schedule-3-paragraph-6-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In exercising his power to give a direction under this paragraph, the Secretary of State shall have regard, in particular, to the provisions of Schedule 4 to this Act and to any provision contained in any restructuring scheme by virtue of any provision of that Schedule.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/paragraph/6/6/1994-10-31" IdURI="http://www.legislation.gov.uk/id/ukpga/1994/21/schedule/3/paragraph/6/6" id="schedule-3-paragraph-6-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>The consent of the Treasury shall be required for the giving of a direction under this paragraph.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1994/21/schedule/3/paragraph/6/7/1994-10-31" IdURI="http://www.legislation.gov.uk/id/ukpga/1994/21/schedule/3/paragraph/6/7" id="schedule-3-paragraph-6-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>In this paragraph—</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-called-up-share-capital">called-up share capital</Term>
” has the same meaning as in the
<CommentaryRef Ref="c10940471"/>
Companies Act 1985;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-net-assets">net assets</Term>
” has the meaning given by subsection (2) of section 264 of that Act; and
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-undistributable-reserves">undistributable reserves</Term>
” has the meaning given by subsection (3) of that section;
</Text>
</Para>
</ListItem>
</UnorderedList>
<Text>and references in this paragraph, in relation to a company, to statutory accounts are references to accounts of that company prepared in respect of any period in accordance with the requirements of that Act, or with those requirements applied with such modifications as are necessary where that period is not an accounting reference period.</Text>
</P2para>
</P2>
</P1para>
</P1>
</Pblock>
</ScheduleBody>
</Schedule>
</Schedules>
</Primary>
<Commentaries>
<Commentary id="c10940451" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/6" id="c00439" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="6">1985 c. 6</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c10940461" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/6" id="c00440" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="6">1985 c. 6</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c10940471" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/6" id="c00441" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="6">1985 c. 6</Citation>
.
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>