Industry Act 1980

1980 CHAPTER 33

An Act to make further provision in relation to the National Enterprise Board, the Scottish Development Agency, the Welsh Development Agency and the English Industrial Estates Corporation; to authorise the Secretary of State to acquire securities of, make loans to and provide guarantees for companies in which he acquires shares from the National Enterprise Board; to amend the Industry Act 1972 and the Industry Act 1975; to authorise the provision by the Secretary of State of an advisory service; to remove the requirement for a register of the financial interests of members of British Shipbuilders; and for connected purposes.

[30th June 1980]

Commencement Information

I1 Act wholly in force at Royal Assent

The National Enterprise Board and the Scottish and Welsh Development Agencies U.K.

1 Functions of the Board and Agencies. U.K.

F1 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M1

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(3) In section 1 of the M2 Welsh Development Agency Act 1975—

(a) in subsection (2), in paragraph (a), at the end there shall be added the words “,and in that connection to provide, maintain or safeguard employment”;

(b) in subsection (3), after paragraph (i) there shall be added—

“(j) to promote the private ownership of interests in industrial undertakings by the disposal of securities and other property held by the Agency or any of their subsidiaries”;

(c) subsection (2)(c), in subsection (3)(d) the word “reorganisation”, and subsection (3)(e) shall cease to have effect; and

(d) in subsection (11) the words from “in connection” to “above” shall cease to have effect.

Textual Amendments

F1 S. 1(1) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt. I; S.I. 1991/2721, art.2

F2 Ss. 1(2), 4(2) repealed (1.4.1991) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C1 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

Marginal Citations

M1 1975 c. 69.

M2 1975 c. 70.

2 Transfer of property to Secretary of State. U.K.

(1) Without prejudice to any power otherwise conferred on them and notwithstanding anything in any other enactment, F3 . . . the Scottish Development Agency and the Welsh Development Agency may transfer securities or other property held by them, and may procure the transfer of securities or other property held by any of their subsidiaries, to the Secretary of State or to a nominee of his; and the power of the Secretary of State to give directions—

F4 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) to the Scottish Development Agency under section 4 of the M3 Scottish Development Agency Act 1975, and

(c) to the Welsh Development Agency under section 1(9) of the Welsh Development Agency Act 1975,

shall extend to the giving of directions as to the making and terms of a transfer.

(2) Stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Secretary of State as having been made or executed for the purpose of the transfer of property to him or a nominee of his from, or from any subsidiary of, the F5 . . .the Scottish Development Agency or the Welsh Development Agency.

(3) There may be defrayed out of money provided by Parliament any expenditure incurred by the Secretary of State in respect of the acquisition of property by him or a nominee of his from, or from a subsidiary of, the F5 . . . the Scottish Development Agency or the Welsh Development Agency; and any sums received by him on the disposal of property so acquired shall be paid into the Consolidated Fund.

(4) In this section “subsidiary” means a subsidiary as defined by [F6 section 736 of the Companies Act 1985] or [F7 Article 4 of the Companies (Northern Ireland) Order 1986].

Textual Amendments

F3 Words in s. 2(1) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt. I; S.I. 1991/ 2721, art.2

F4 S. 2(1)(a) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art.2

F5 Words in s. 2(2)(3) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art. 2

F6 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F7 Words substituted by S.I. 1986/1035, art. 23, Sch. 1 Pt. II

Modifications etc. (not altering text)

C2 S. 2: transfer of functions by S.I. 1999/672, art. 2, Sch. 1

C3 S. 2(1)–(3), in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency, repealed (1.4.1991) (E.W.S) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Marginal Citations

M3 1975 c. 69.

[F8 2A. Stamp duty land tax U.K.

(1) A land transaction—

(a) by which property is transferred under section 2, and

(b) which is not exempt from charge by virtue of section 66(1) of the Finance Act 2003 (transfers between public bodies in consequence of reorganisation exempt from stamp duty land tax),

is exempt from charge.

(2) Relief under this section must be claimed in a land transaction return or an amendment of such a return.

(3) In this section—

• “exempt from charge” means exempt from charge under Part 4 of the Finance Act 2003;

• “land transaction” has the meaning given by section 43(1) of that Act;

• “land transaction return” has the meaning given by section 76(1) of that Act.]

Textual Amendments

F8 S. 2A inserted (1.12.2003) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1Sch. para. 11

3 Finance for companies transferred to Secretary of State. U.K.

(1) This section applies to a company if the National Enterprise Board has at any time transferred to the Secretary of State a controlling interest in the company and the Secretary of State has not since that time ceased to hold such an interest in it.

(2) Subject to subsection (3) below and section 5 of this Act, the Secretary of State may with the approval of the Treasury—

(a) acquire securities of a company to which this section applies,

(b) make loans to such a company on such conditions and at such rates of interest as he may with that approval determine, and

(c) guarantee obligations (arising out of loans or otherwise) incurred by such a company.

(3) The Secretary of State shall not determine a rate of interest in respect of a loan under subsection (2)(b) above which is lower than the lowest rate for the time being determined by the Treasury under section 5 of the M4 National Loans Act 1968 in respect of comparable loans out of the National Loans Fund.

(4) Not later than six months after the end of any financial year in which this section has applied to one or more companies the Secretary of State shall prepare and lay before each House of Parliament a report on the exercise during that year of his powers under subsection (2) above; and the report shall specify in relation to each company which at the end of that year is a company to which this section applies—

(a) particulars of the securities of the company held by the Secretary of State at the end of that year,

(b) the amount then outstanding, otherwise than by way of interest, in respect of any loans to the company made under paragraph (b) of subsection (2) above,

(c) particulars of guarantees then subsisting which were given under paragraph (c) of that subsection in respect of obligations incurred by the company, and

(d) any sums paid to meet guarantees so given, to the extent that they have not by then been repaid.

(5) As soon as practicable after the holding of any general meeting of a company to which this section applies, the Secretary of State shall lay before each House of Parliament a copy of any accounts which, in accordance with any requirement of the [F9 Companies Act 1985], are laid before the company at that meeting, and of any documents which are annexed or attached to any such accounts.

(6) Any expenditure incurred by the Secretary of State under subsection (2) above may be defrayed out of money provided by Parliament; and any sums received by him by virtue of this section (including sums received on the disposal of securities acquired by virtue of this section) shall be paid into the Consolidated Fund.

(7) In this section and in section 5 of this Act—

• “company” means a company within the meaning of the [F9 Companies Act 1985] or the [F10 Companies (Northern Ireland) Order 1986],

• “controlling interest” means, in relation to a company, shares carrying in the aggregate more than half the voting rights exercisable at general meetings of the company,

• “shares” includes stock,

• “subsidiary” means a subsidiary as defined by [F9 section 736 of the said Act of 1985] or [F10 Article 4 of the said Order of 1986],

and references to the transfer of securities to or the holding or acquisition of securities by the Secretary of State include references to the transfer of securities to or the holding or acquisition of securities by any nominee of his.

Textual Amendments

F9 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F10 Words substituted by S.I. 1986/1035, art. 23, Sch. 1 Pt. II

Marginal Citations

M4 1968 c. 13.

4 Public dividend capital. U.K.

F11 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

(3) In paragraph 1 of Schedule 3 to the M5 Welsh Development Agency Act 1975, after sub-paragraph (3) there shall be inserted—

“(3A) The Agency may with the agreement of the Secretary of State, and shall if the Secretary of State with the approval of the Treasury requires them to do so, make payments to the Secretary of State in reduction of the public dividend capital of the Agency; and any sums received by the Secretary of State in pursuance of this sub-paragraph shall be paid into the Consolidated Fund.”

Textual Amendments

F11 S. 4(1) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art.2

F12 Ss. 1(2), 4(2) repealed (1.4.1991) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C4 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

Marginal Citations

M5 1975 c. 70.

5 Financial limits. U.K.

(1) In. . . F13 , section 13(3) of the Scottish Development Agency Act 1975 and section 18(3) of the Welsh Development Agency Act 1975 (which set limits on the amounts outstanding in respect of certain borrowings and other liabilities of. . . F13 the Scottish and Welsh Development Agencies and their subsidiaries, but enable the Secretary of State to raise the limits) the words from “but” to the end shall cease to have effect.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14

(3 )F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5 )F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) Subject to subsection (7) below, the aggregate of—

(a) any sums paid by the Secretary of State under this Act in respect of the acquisition of shares in any company which before or immediately after the acquisition was a company to which section 3 of this Act applied,

(b) the amounts outstanding, otherwise than by way of interest, in respect of the general external borrowing of companies to which that section applies, and

(c) any sums paid by the Secretary of State to meet guarantees given under subsection (2)(c) of that section, to the extent that they have not been repaid,

shall not exceed the amount which is for the time being the financial limit for the purposes of that section.

(7) The sums paid by the Secretary of State under this Act in respect of the acquisition from the National Enterprise Board of shares in any company shall be treated for the purposes of subsection (6) above as reduced by an amount equal to so much of the debt of the Board assumed under paragraph 6(1) of Schedule 2 to the M6 Industry Act 1975 on their acquisition of securities of the company as was, immediately before section 3 of this Act applied to the company, treated by virtue of paragraph 5(2) of that Schedule as part of the Board’s public dividend capital.

(8) For the purposes of subsection (6)(b) above, the general external borrowing of a company is the aggregate of—

(a) sums borrowed by the company otherwise than from any subsidiary of the company, and

(b) sums borrowed by such a subsidiary otherwise than from the company or another such subsidiary.

Textual Amendments

F13 Words repealed by Industry Act 1981 (c. 6, SIF 64), Sch.

F14 S. 5(2) repealed by Industry Act 1981 (c. 6, SIF 64), s. 7(3), Sch.

F15 s. 5(3)(5) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art.2

Modifications etc. (not altering text)

C5 S. 5(1) repealed (1.4.1991) (E.W.S) in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency, by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

C6 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

Marginal Citations

M6 1975 c. 68.

6 Restrictions on powers to acquire shares U.K.

F16 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17 (2) In section 14(1)(b) of the M7 Scottish Development Agency Act 1975 (which makes similar provision in relation to the Scottish Development Agency, but with a limit of £2,000,000) for the words “previously acquired, would exceed £2,000,000” there shall be substituted the words “already held by the Agency or any of their subsidiaries, would exceed £1,000,000”.]

(3) In section 20(1)(b) of the M8 Welsh Development Agency Act 1975 (which makes similar provision in relation to the Welsh Development Agency, with a limit of £2,000,000) for the words “previously acquired, would exceed £2 million” there shall be substituted the words “already held by the Agency or any of their subsidiaries, would exceed £1,000,000”.

(4) Section 10(3) of the M9 Industry Act 1975, section 14(3) of the Scottish Development Agency Act 1975 and section 20(3) of the Welsh Development Agency Act 1975 (savings for powers to form bodies corporate) shall cease to have effect.

Textual Amendments

F16 S. 6(1) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art.2

F17 S. 6(2) repealed (1.4.1991) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C7 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

C8 S. 6(4) repealed (1.4.1991) (E.W.S.) in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency, by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Marginal Citations

M7 1975 c. 69.

M8 1975 c. 70.

M9 1975 c. 68.

[F18 7 Members and chief executive of the Board. U.K.

(1) In section I of the Industry Act 1975—

(a) in subsection (2) (membership of the National Enterprise of the Board) for the word “sixteen” there shall be substituted the word “twelve”, and

(b) subsection (8) (register of members’ financial interests) shall cease to have effect.

(2) In Part Ill of Schedule 1 to the M10 House of Commons Disqualification Act 1975 and in Part Ill of Schedule 1 to the M11 Northern Ireland Assembly Disqualification Act 1975 there shall be inserted, at the appropriate place in alphabetical order— “ Chief executive of the National Enterprise Board. ” . ]

Textual Amendments

F18 S. 7 repealed (1.7.1996) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt. III; S.I. 1996/1448, art. 2

Modifications etc. (not altering text)

C9 The text of ss. 7, 19, 21(1) 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 prior to 1.2.1991.

Marginal Citations

M10 1975 c. 24.

M11 1975 c. 25.

8 Selective financial assistance under the Industry Act 1972. U.K.

F19 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Section 5 of the Scottish Development Agency Act 1975 and section 12 of the Welsh Development Agency Act 1975 (which make corresponding provision in relation to the Scottish and Welsh Development Agencies) shall cease to have effect.

Textual Amendments

F19 S. 8(1) repealed (6.1.1992) by Brtish Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.I; S.I. 1991/2721, art. 2

Modifications etc. (not altering text)

C10 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

C11 S. 8(2) repealed (1.4.1991) (E.W.S.) in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency, by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

9 Overseas aid. U.K.

Section 4 of the M12 Industry Act, 1975, section 18 of the M13 Scottish Development Agency Act 1975 and section 3 of the M14 Welsh Development Agency Act 1975 shall cease to have effect.

Modifications etc. (not altering text)

C12 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.

C13 S. 9 repealed (1.4.1991) (E.W.S.) in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Marginal Citations

M12 1975 c. 68.

M13 1975 c. 69.

M14 1975 c. 70.

The English Industrial Estates Corporation E+W+S

10, 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20 E+W+S

Textual Amendments

F20 Ss. 10, 11 repealed by English Industrial Estates Corporation Act 1981 (c. 13, SIF 64), s. 9(4)(5), Sch. 2

12—15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21 E+W+S

Textual Amendments

F21 Ss. 12—15 repealed by English Industrial Estates Corporation Act 1981 (c. 13, SIF 64), s. 9(4), Sch. 2

Grants and other financial assistance for industry U.K.

16, 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22 U.K.

Textual Amendments

F22 Ss. 16–18 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3

Miscellaneous and general U.K.

18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23 U.K.

Textual Amendments

F23 Ss. 16–18 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3

19 Planning agreements and disclosure of information U.K.

Sections 21 (planning agreements) and 28 to 34 (disclosure of information by companies) of the M15 Industry Act 1975 shall cease to have effect.

Modifications etc. (not altering text)

C14 The text of ss. 7, 19, 21(1) 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 prior to 1.2.1991.

Marginal Citations

M15 1975 c. 68.

20 British Shipbuilders: members’ interests. U.K.

Sections 1(9) and 18(5) of the M16 Aircraft and Shipbuilding Industries Act 1977 (register of members’ financial interests to be kept by Secretary of State) shall cease to have effect in respect of British Shipbuilders.

Marginal Citations

M16 1977 c. 3.

21 Repeals and transitional provisions. U.K.

(1) The enactments mentioned in Schedule 2 to this Act are hereby repealed to the extent specified in column 3 of that Schedule.

[(2) Notwithstanding the repeal by this Act of any provision of F24 . . ., section 2(2) of the M17 Scottish Development Agency Act 1975 or section 1(3) of the M18 Welsh Development Agency Act 1975, F24 . . . the Scottish Development Agency and the Welsh Development Agency may continue to hold property held by them, and to carry on activities in which they are engaged, at the commencement of this Act.]

Textual Amendments

F24 Words in s. 21(2) repealed (6.1.1992) by British Technology Group Act 1991 (c. 66, SIF 64), s. 17(2), Sch. 2 Pt.III; S.I. 1991/2721, art. 2

Modifications etc. (not altering text)

C15 The text of ss. 7, 19, 21(1) 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 prior to 1.2.1991.

C16 S. 21(2), in so far as relating to the Scottish Development Agency Act 1975 or to the Scottish Development Agency, repealed (1.4.1991) (E.W.S) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Marginal Citations

M17 1975 c. 69.

M18 1975 c. 70.

22 Short title and extent. U.K.

(1) This Act may be cited as the Industry Act 1980.

[F25 (2) The provisions of this Act so far as they relate to the Scottish Development Agency extend to Scotland only.]

(3) Subject to subsection (2) above, the provisions of this Act except—

(a) sections 10 to 16, and

(b) any other provision so far as it relates to the Welsh Development Agency,

extend to Northern Ireland.

Textual Amendments

F25 S. 22(2) repealed (1.4.1991) (E.W.S) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

F26 F26 SCHEDULE 1 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26 Schedule 1 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3

Section 21.F27

Schedule 2. U.K. Repeals.

Textual Amendments

F27 Entry relating to the Scottish Development Agency Act 1975 repealed (1.4.1991.) (E.W.S.) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. I

Modifications etc. (not altering text)

C17 The text of ss. 1, 4, 5(1), 6, 8(2), 9, and Schedule 2 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals prior to 1.2.1991.