Scottish Development Agency Act 1975

Financial provisions U.K.

[F1 12 Financial duties of the Agency. N.I.

(1) After consultation with the Agency, the Secretary of State may, with the approval of the Treasury, determine the financial duties of the Agency, and different determinations may be made in relation to different functions and activities of the Agency.

(2) The Secretary of State shall give the Agency notice of every determination, and a determination may—

(a) relate to a period beginning before the date on which it is made;

(b) contain incidental or supplemental provisions; and

(c) be varied by a subsequent determination.]

Textual Amendments

F1 Act except ss. 1, 20, 28, and paras. 1 to 6, 11 to 14, 16 and 17 of Sch. 1 repealed (E.W.S.) (1.4.1991) by 1990 c. 35, ss. 22(1), 23(4), 38(2), Sch. 3, Sch. 5 Pt. II; Enterprise and New Towns (Scotland) Act 1990 Transfer Dates Order dated 1.3.1991.

[F2 F3 13 Finances of the Agency. N.I.

(1) Schedule 2 to this Act (Financial and Administrative Provisions relating to the Agency) shall have effect with respect to the finances of, and certain administrative matters relating to, the Agency.

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

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

(b) sums issued by the Treasury in fulfilment of guarantees under paragraph 6 of Schedule 2 below and not repaid to the Treasury;

(c) sums paid to the Agency by the Secretary of State out of monies provided by Parliament less repayments to the Secretary of State by the Agency (other than payments made by virtue of paragraph 1(3) of Schedule 2 to this Act) and less such sums paid in respect of the administrative expenses of the Agency;

(d) loans guaranteed by the Agency . . . F4 and loans guaranteed by a subsidiary of the Agency;

shall not exceed the limit specified in subsection (3) below.

(3) The said limit shall be [F5 £1,200 million], . . . F4

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(5) In subsection (2) above, “general external borrowing” means—

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

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

(ii) any sums mentioned in subsection (2)(b) above; . . . F7

(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

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

but does not include any debt assumed by the Agency under paragraph 7(1) of Schedule 2 to this Act.]

Textual Amendments

F2 Act except ss. 1, 20, 28, and paras. 1 to 6, 11 to 14, 16 and 17 of Sch. 1 repealed (E.W.S.) (1.4.1991) by 1990 c. 35, ss. 22(1), 23(4), 38(2), Sch. 3, Sch. 5 Pt. II; Enterprise and New Towns (Scotland) Act 1990 Transfer Dates Order dated 1.3.1991.

F3 S. 13 was amended by Industry Act 1979 (c. 32, SIF 64), s. 1(1)(3)(5)(6) and has effect by s. 1(7) as set out in the Schedule to that Act

F4 Words repealed by Industry Act 1980 (c. 33, SIF 64), s. 22, Sch. 2

F5 Words substituted by virtue of Scottish Development Agency Act 1987 (c. 56, SIF 64), s. 1

F6 S. 13(4) repealed by Industry Act 1980 (c. 33, SIF 64), s. 22, Sch. 2

F7 S. 13(5)(a)(iii) and word “or” immediately preceding it repealed by Industry Act 1980 (c. 33, SIF 64), s. 22, Sch. 2

[F8 14 Other limits on Agency’s powers. N.I.

(1) Neither the Agency 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 Agency 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 [F9 already held by the Agency or any of their subsidiaries, would exceed £1,000,000].

(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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

(4) In any case where the Agency 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.]

Textual Amendments

F8 Act except ss. 1, 20, 28, and paras. 1 to 6, 11 to 14, 16 and 17 of Sch. 1 repealed (E.W.S.) (1.4.1991) by 1990 c. 35, ss. 22(1), 23(4), 38(2), Sch. 3, Sch. 5 Pt. II; Enterprise and New Towns (Scotland) Act 1990 Transfer Dates Order dated 1.3.1991.

F9 Words substituted by Industry Act 1980 (c. 33, SIF 64), s. 6(2)

F10 S. 14(3) repealed by Industry Act 1980 (c. 33, SIF 64), s. 22, Sch. 2