(1)The Secretary of State may from time to time direct the Board to carry out a review of, and report to him on, all activities (other than colliery activities within the meaning of the Act of 1946) of the Board and their subsidiaries, or such activities as may be specified in the direction; and he may by any such direction require them to include activities of companies in which the Board or any subsidiary of the Board has interests.
(2)A report made by the Board to the Secretary of State in compliance with a direction under this section shall deal with any matters which they are directed to take into consideration and shall (subject to the terms of the direction) include particulars—
(a)of the nature and extent of the activities in question and the assets and resources of the Board, or any subsidiary of the Board, which are applied to carrying them on;
(b)of the companies (whether or not subsidiaries of the Board) in which the Board or their subsidiaries have interests and which are engaged in such activities, and the extent to which they are so engaged;
(c)of the advantages (if any) and financial consequences which are foreseen as resulting from continuance of the activities and from the continued participation therein by the Board or their subsidiaries and the Board's proposals (if any) for securing the extension, restriction or discontinuance of the activities, or for altering the way in which they are carried on.
(3)A report by the Board under this section shall be submitted to the Secretary of State within twelve months of his relevant direction, or such shorter period as he may specify.