Mining Industry Act 1926
902.Paragraph 6 repeals section 20 of the Mining Industry Act 1926 which concerns the ability of a coal mining company to establish a profit sharing scheme, regardless of the provisions of the company’s articles of association. This provision pre-dates the nationalisation and privatisation of the coal mining industry, and modern companies legislation. Modern companies legislation should apply to coal mining companies in the same way as it applies to any other company, and there is no need for any special provision. There is a saving provision however, as it would not be fair to undermine any existing profit sharing schemes which have been established under this power.
903.The repeal, like the 1926 Act, will form part of the law of England and Wales and Scotland. It comes into force at the end of the period of 2 months beginning with the day on which the Act is passed.
