Coal Industry Act 1980

1 Borrowing powers of National Coal Board

(1) In section 1(3) of the [1965 c. 82.] Coal Industry Act 1965 (limit on borrowing by the Board and their wholly owned subsidiaries), for the words from " £1,800 million " to the end there shall be substituted the words " £3,400 million, but the Secretary of State may with the approval of the Treasury by order made by statutory instrument increase that limit up to £4,200 million ".

(2) In section 1(4) of that Act (limit on temporary borrowing by the Board) for the words from " and " (immediately preceding paragraph (b)) to the end of the subsection there shall be substituted the words " with the approval of the Treasury ".

(3) For section 1(8) of that Act there shall be substituted the following subsection—

“(8) An order shall not be made under subsection (3) of this section unless a draft of the order has been laid before the Commons House of Parliament and approved by a resolution of that House.”

(4) Amendments corresponding to those made by the preceding provisions of this section shall be made in Part I of Schedule 1 to the Act of 1977 (which sets out section 1 of the [1965 c. 82.] Coal Industry Act 1965 as amended by earlier enactments and by the Act of 1977); and accordingly the words " and section 1 of the Coal Industry Act 1980 " shall be inserted after the words " this Act "where those words first occur in Part II of that Schedule (which lists the amending enactments).