Search Legislation

Industry Act 1975

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Limits on Board’s powers

 Help about opening options

Version Superseded: 06/01/1992

Alternative versions:

Status:

Point in time view as at 01/02/1991.

Changes to legislation:

There are currently no known outstanding effects for the Industry Act 1975, Cross Heading: Limits on Board’s powers. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Limits on Board’s powersU.K.

[F18 Financial limits.U.K.

(1)The aggregate amount outstanding, otherwise than by way of interest, in respect of—

(a)the general external borrowing of the Board and their subsidiaries;

(b)sums issued by the Treasury in fulfilment of guarantees under paragraph 4 of Schedule 2 below and not repaid to the Treasury;

(c)sums paid to the Board under paragraph 5(1) of that Schedule;

(d)loans guaranteed by the Board otherwise than under section 3 above;

shall not exceed the limit specified in subsection (2) below.

[F2(2)The said limit shall be £750 million.]

(2A)—(2C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(4)In subsection (1) above “general external borrowing” means—

(a)in relation to the Board, sums borrowed by them other than—

(i)sums borrowed from a body corporate which is one of the Board’s subsidiaries at the time of the loan;

(ii)any sums mentioned in subsection (1)(b) above; or

(iii)sums borrowed by the Board for the purpose of giving assistance under section 3 above; and

(b)in relation to a subsidiary of the Board, sums borrowed by it (whether or not it was such a subsidiary at the time any such sum was borrowed from the Board or from another subsidiary;

but does not include any debt assumed by the Board under paragraph 6(1) of Schedule 2 below.]

9 The Board and the media. U.K.

(1)Subject to subsection (2) below, neither the Board nor any of the Board’s subsidiaries—

(a)shall commence a business of publishing newspapers, magazines or other periodicals for sale to the public in the United Kingdom; or

[F5(b)shall become the holder of a relevant licence.]

(2)Subsection (1) above does not apply to periodicals wholly or mainly concerned with the activities of the Board or any of the Board’s subsidiaries.

(3)Subject to subsection (4) below, neither the Board nor any of the Board’s subsidiaries shall acquire any of the share capital of a body corporate if a substantial part of the undertaking—

(a)of that body corporate, or

(b)of a group of companies of which it is the holding company,

consists of carrying on—

(i)a business such as is mentioned in paragraph (a) of subsection (1) above, or

[F6(ii)activities connected with the provision of a service under a relevant licence.]

(4)Subsection (3) above shall not prevent the acquisition of share capital of a body corporate if the acquisition is made in pursuance of a direction under section 3 above.

(5)Subject to subsections (7) and (8) below, if the Board or any of the Board’s subsidiaries acquire any of the share capital of a body corporate which carries on any such business as is mentioned in subsection (1)(a) above, it shall be their duty to exercise their voting power with a view to securing that the body corporate disposes of the business as soon as practicable.

(6)Subject to subsections (7) and (8) below, if the Board or any of the Board’s subsidiaries acquire any of the share capital of a body corporate which has any interest, direct or indirect, in a body corporate which carries on such a business, it shall be their duty to exercise their voting power with a view to securing that the capital of the body corporate which carries on that business is disposed of as soon as practicable.

(7)The Secretary of State may direct that the Board or a subsidiary of the Board shall not be under any duty imposed by subsection (5) or (6) above during such time as the direction is in force.

(8)The Secretary of State may only give such a direction as is mentioned in subsection (7) above if he is of the opinion that without such a direction serious commercial injury would be caused to any newspaper, magazine or periodical concerned.

(9)If the Board or any of the Board’s subsidiaries acquire any of the share capital of a body corporate which is [F7the holder of a relevant licence, they shall consult the appropriate authority] as to the steps that they are to take with regard to that share capital and obey any direction given by [F8the appropriate authority].

(9A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9

(10)Without prejudice to the foregoing provisions of this section, it shall be the duty of the Board and of any of the Board’s subsidiaries to use any power to control or influence the carrying on of a business such as is mentioned in paragraph (a) of subsection (1) above or of the activities of a [F10holder of a relevant licence] only in relation to financial or commercial matters.

[F11(11)In this section—

  • appropriate authority” means—

(a)in relation to a licence granted under Part I of the Broadcasting Act 1990, the Independent Television Commission; and

(b)in relation to a licence granted under Part III of that Act, the Radio Authority;

relevant licence” means a licence granted by the Independent Television Commission or the Radio Authority under Part I or (as the case may be) Part III of that Act.].

10 Other limits on Board’s powers.U.K.

(1)Neither the Board nor any of their subsidiaries shall acquire any of the share capital of a body corporate except with the consent of the Secretary of State or in accordance with any general authority given by the Secretary of State—

(a)if its acquisition would entitle the Board to exercise or control the exercise of 30 per cent. or more of the votes at any general meeting of the body corporate; or

(b)if the value of the consideration for its acquisition, together with the value of any consideration paid for share capital of that body corporate [F12already held by the Board or any of their subsidiaries, would exceed £5,000,000].

(2)Subsection (1)(a) above shall not restrict the acquisition of share capital of a body corporate which gives a right to vote exercisable only in restricted circumstances.

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13

(4)In any case where the Board hold share capital such as is mentioned in subsection (2) above, the fact that they hold it shall be disregarded for the purpose of determining whether subsection (1)(a) above prevents their acquisition of further share capital of the same body corporate.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources