1988 c. 1.

http://www.legislation.gov.uk/ukpga/1994/21/section/20/1994-10-31Coal 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 Database2021-06-101994-10-31Part I Re-organisation of Coal Industry Financial arrangements in connection with restructuring
20 Extinguishment of loans to the Corporation.1

Where—

a

any sum has been lent (whether before or after the passing of this Act) to the Corporation out of money provided by Parliament, or

b

any sum is for the time being to be taken as having been so lent,

the Secretary of State may by order extinguish any present or contingent liabilities of the Corporation to make repayments of capital or payments of interest in respect of that sum.

2

Subject to the following provisions of this section, section 400(1) of the Income and Corporation Taxes Act 1988 (restriction of tax losses in case of any write-off of government investment) shall not have effect in relation to any extinguishment of liabilities by an order under subsection (1) above.

3

Subsection (6) of section 400 of that Act of 1988 shall apply in relation to any such extinguishment as is mentioned in subsection (2) above as if the reference to the body in question were a reference to the Corporation.

4

The consent of the Treasury shall be required for the making of an order under this section.

5

The power to make an order under subsection (1) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

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