National Film Finance Corporation Act 1981 (repealed 5.11.1993)

SCHEDULES

Section 1.

SCHEDULE 1 E+W+S The Corporation: Supplementary Provisions

Appointments and procedure E+W+S

1 (1) The Secretary of State may make regulations with respect to—

(a) the appointment of the members of the Corporation and their tenure and vacation of office;

(b) the execution of instruments and the mode of entering into contracts by or on behalf of the Corporation, and the proof of documents purporting to be executed, issued or signed by the Corporation or by a member or officer of the Corporation.

(2) Subject to any regulations under sub-paragraph (1), the Corporation shall have power to regulate their own procedure, including the manner in which matters subject to the determination of the Corporation are to be determined by or on behalf of them.

(3) Any regulations under sub-paragraph (1) shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

2 The validity of any proceedings of the Corporation shall not be affected by any vacancy among the members or by any defect in the appointment of a member.

Remuneration, pensions etc. of members E+W+S

3 (1) The Corporation shall pay to the members of the Corporation such salaries or other remuneration, and such allowances, as the Secretary of State may determine.

(2) If the Secretary of State determines in the case of any member of the Corporation to make provision for the payment on his death or retirement of a pension, gratuity or other like benefit, the Corporation shall pay or provide for the payment of such pension, gratuity or other like benefit to him or to others by reference to his service as the Secretary of State may determine.

(3) No determination shall be made by the Secretary of State under this paragraph without the consent of the Minister for the Civil Service.

Remuneration and pensions of officers etc. E+W+S

4 (1) The Corporation shall pay to their officers, servants and agents such remuneration as the Corporation may determine.

(2) If the Corporation determine in the case of any officers, servants or agents to make provision for the payment on their death or retirement of pensions, gratuities or other like benefits, the Corporation shall pay, or provide for the payment of, such pensions, gratuities or other benefits to them or to others by reference to their service as the Corporation may determine.

Pension schemes E+W+S

5 Provision for pensions, gratuities or other like benefits under paragraph 3(2) or 4(2) may be made either by contributory or non-contributory arrangements, or partly by the one and partly by the other.

Incidental powers of Corporation E+W+S

6 (1) The Corporation shall have power to do anything which is incidental to the proper performance of their functions.

(2) Without prejudice to the generality of sub-paragraph (1), the Corporation may, in connection with the performance of their functions, form or join with other persons in forming any body corporate and acquire or dispose of any securities in a body corporate.

Liability to taxes etc. E+W+S

7 Nothing in this Act exempts the Corporation from liability to any tax, duty, rate, levy or other charge whatever, whether general or local.

Dissolution of Corporation E+W+S

8 (1) The Secretary of State may, with the approval of the Treasury, by order dissolve the Corporation—

(a) at any time after the end of 1985, or

(b) upon their functions ceasing to be exercisable by virtue of section 9.

(2) Any such order—

(a) may vest any property, rights or liabilities of the Corporation in the Crown or such person acting on behalf of the Crown as may be specified in the order;

(b) may contain such incidental or consequential provisions as may appear to the Secretary of State to be necessary or expedient;

(c) may be varied by a subsequent order of the Secretary of State with the approval of the Treasury.

(3) Any order under this paragraph shall be made by statutory instrument; but no such order shall be made unless a draft of the order has been laid before the House of Commons and approved by a resolution of that House.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

Textual Amendments

F1 Sch. 1 para. 8(4) repealed by Films Act 1985 (c. 21, SIF 45A), ss. 3(8), 7(1), Sch. 2

Modifications etc. (not altering text)

C1 Sch. 1 para. 8 extended by Films Act 1985 (c. 21, SIF 45A), s. 3(1)

Section 2.

SCHEDULE 2 E+W+S Loans by the Corporation: Supplementary Provisions

General provisions as to terms E+W+S

1 (1) Loans by the Corporation, with the exception of those under section 2(3), shall be made in accordance with the following provisions of this paragraph.

(2) Loans shall be for such period not exceeding 5 years from the date of their being made, and shall carry such interest, as the Corporation may determine.

(3) The interest determined by the Corporation in respect of a loan shall be such interest as they consider reasonable, regard being had—

(a) to the current market rates of interest;

(b) to the standing of the borrower; and

(c) to the degree of likelihood that the making of the loan (or, in the case of a loan under section 2(2)(b), the making of the agreement in question) will result in the production or distribution of films on a commercially successful basis.

(4) The Corporation may require such security to be given for the repayment of a loan, together with any sums due in respect of interest, as may be available.

(5) In this paragraph (except sub-paragraph (3)(a)) references to interest include references to rights to share in profits.

Loans for purpose of financing production of films E+W+S

2 (1) The Corporation shall not make a loan under section 2(1) to any person for the purpose of financing the production of a film or a programme of films unless he agrees to produce from time to time to the Corporation, as and when required by them to do so—

(a) an estimate of the cost of producing that film or, as the case may be, each film in that programme; and

(b) an estimate of the cost of producing any other films whose production he finances (in whole or in part) at any time before the loan is completely repaid, or in whose commercial success he has at any such time any financial interest.

(2) In making any such loan, and in exercising their other powers under this Act in relation to any such loan, the Corporation shall have regard to the amount which might reasonably be expected to be received by the person to whom the loan is made—

(a) from the distribution of the film or films whose production is to be financed by means of the loan; and

(b) to such extent (if any) as appears proper in the circumstances, from the distribution of films falling within sub-paragraph (1)(b).

Arrangements with respect to certain loans E+W+S

3 (1) If at any time the Corporation are satisfied with respect to any loan made by them which has fallen due for repayment that the amount of the loan cannot, without harmful consequences to the production of films, be recovered in accordance with its terms or by means of the remedies available, the Corporation may with the approval of the Secretary of State enter into any financial arrangements with respect to the loan which, in the judgment of the Corporation, are calculated to lead to the eventual recovery of the whole or part of the amount of the loan without such consequences.

(2) Any such arrangements may in particular provide—

(a) for the waiving by the Corporation of payment of interest, or

(b) for the acceptance by the Corporation of shares or debentures in any company in or towards repayment of the amount of the loan.

(3) In sub-paragraph (2)(b) “shares”, “debentures” and “company” have the same meaning as in the [F2 M1 Companies Act 1985].

Textual Amendments

F2 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

Marginal Citations

M1 1985 c. 6.

Section 10.

SCHEDULE 3 U.K. Repeals

Modifications etc. (not altering text)

C2 The text of s. 10(2) and Sch. 3 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 which may have been made prior to 1.2.1991

Part I E+W+S Consequential Repeals

Chapter	Short title	Extent of repeal
12, 13 & 14 Geo. 6. c. 20.	Cinematograph Film Production (Special Loans) Act 1949.	The whole Act.
2 & 3 Eliz. 2. c. 15.	Cinematograph Film Production (special Loans) Act 1954.	The whole Act.
5 & 6 Eliz. 2. c. 21.	Cinematograph Films Act 1957.	Sections 11 to 13.
		Sections 17(2).
1966 c. 48.	Films Act 1966.	Sections 2 and 7(2).
1970 c. 26.	Films Act 1970.	Sections 1 and 3.
		Section 21 so far as it amends the Cinematograph Film Production (Special Loans) Act 1949.
		Section 22(1)(a).
1972 c. 11.	Superannuation Act 1972.	Section 22(5).
		In Schedule 4, the entry relating to the Corporation.
1980 c. 41.	Films Act 1980.	Section 1.
		Section 2(1) to (4).
		Section 3.
		Section 9(1)(a).

Part II U.K. Repeal of spent Enactments

Chapter	Short title	Extent of repeal
Enactment spent in relation to whole of United Kingdom
1968 c. 13.	National Loans Act 1968.	Section 10(6).
Enactments spent in relation to Northern Ireland
12, 13, & 14 Geo. 6. c. 20.	Cinematograph Film Production (Special Loans) Act 1949.	The whole Act.
14 Geo. 6. c. 18.	Cinematograph Film Production (Special Loans) Act 1950.	The whole Act.
15 & 16 Geo. 6 & 1 Eliz. 2. c. 20.	Cinematograph Film Production (Special Loans) Act 1952.	The whole Act.
2 & 3 Eliz. 2. c. 15.
Cinematograph Film Production (Special Loans) Act 1954.	The whole Act.