Civil Aviation (Amendment)Act 1982 (repealed)

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Textual Amendments

F1 S. 1 repealed by Airports Act 1986 (c. 31, SIF 9), s. 83(5), Sch. 6 Pt. I

2 Increase of financial limit of British Airways Board. U.K.

In section 9(1) of the M1 British Airways Board Act 1977 (limit of £1,000 million on borrowing by and government investment in British Airways Board) for the words “£1,000 million” there shall be substituted the words “£1,200 million but the Secretary of State may by order increase that limit to £1,400 million and by a further order to £1,600 million.”

Modifications etc. (not altering text)

C1 The text of s. 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M1 1977 c. 13.

3 Application of financial limit of British Airways Board to foreign currency borrowings. U.K.

(1) For the purposes of section 9(1) of the M2 British Airways Board Act 1977 the sterling equivalent of any amount borrowed by the British Airways Board (whether before or after the passing of this Act) in a currency other than sterling shall, subject to subsections (3) and (4) below, be determined by reference to the London market spot selling rate for sterling at the close of the last working day before that on which that amount was received by the Board or, if there is no such rate, by reference to such rate as may be specified by the Secretary of State.

(2) Where in the case of any loan amounts have been received by the Board on different days and an amount less than the aggregate of those amounts has been repaid, any question under subsection (1) above as to the day on which the outstanding amount was received shall, in the absence of any indication to the contrary, be determined by apportioning the repayment rateably between the amounts received.

(3) Where pursuant to a scheme established by the Treasury the Board has (whether before or after the passing of this Act) contracted to purchase currency other than sterling for the purpose of enabling the Board to repay money borrowed by it in that currency, the sterling equivalent of any amount comprised in the money to which the contract relates shall for the purposes of the said section 9(1) be determined by reference to the rate of exchange specified in the contract.

(4) Subsection (1) above does not apply to money borrowed by overdraft.

Marginal Citations

M2 1977 c. 13.

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Textual Amendments

F2 S. 4, Schs. 1, 2 repealed by Civil Aviation Act 1982 (c. 16, SIF 9), s. 109, Sch. 16

5 Short title and extent. U.K.

(1) This Act may be cited as the Civil Aviation (Amendment) Act 1982.

(2) This Act extends to Northern Ireland.