British Steel Act 1988

4 (1) Where, as respects any financial year of the Corporation ending before the appointed day, the Corporation has either— U.K.

(a) failed to discharge before that day the obligation imposed by section 18(5) of the 1982 Act, or

(b) failed to make before that day a proposal under section 18(5)(a) acceptable to the Secretary of State and the Treasury,

and no direction as respects that year has been given before that day by the Secretary of State under section 18(5), then (subject to sub-paragraph (2) below) section 18(5) and (6) of that Act shall continue to apply in relation to that financial year, but as if—

(i) references to the Corporation were references to the successor company,

(ii) the reference in section 18(5) to each of the Corporation’s financial years were a reference to that financial year, and

(iii) in section 18(5)(a) the words from “beginning with” to “of this Act” were omitted.

(2) No direction shall be given by the Secretary of State under section 18(5) of the 1982 Act (as continued in force by virtue of sub-paragraph (1) above) at a time when the successor company has ceased to be wholly owned by the Crown.

(3) Where, as respects any financial year of the Corporation ending before the appointed day—

(a) the Corporation has before that day made a proposal under section 18(5)(a) of the 1982 Act acceptable to the Secretary of State and the Treasury, or

(b) a direction has been given before that day by the Secretary of State under section 18(5),

but (in either case) no dividend has become payable under section 18(6) of that Act, section 18(6) shall continue to apply in relation to that proposal or direction (as the case may be), but as if—

(i) the first reference to the Corporation were a reference to the successor company, and

(ii) the second such reference included a reference to that company.

(4) Any sums received by the Secretary of State from the successor company—

(a) by virtue of sub-paragraph (1) or (3) above, or

(b) in the discharge of any liability to pay a dividend under section 18(6) which accrued before the appointed day (and accordingly has become a liability of that company by virtue of section 1 of this Act),

shall be paid into the Consolidated Fund.