There shall be paid out of money provided by Parliament any expenses of the Secretary of State incurred—
(a)in connection with the formation of any company formed with a view to, or for any purpose of, the carrying on of designated activities or with the operation of any such company wholly owned by the Secretary of State; or
(b)in assuming responsibility for any liabilities (whether of such a company or any other company which is or has been a contractor) which are liabilities arising out of the carrying on of designated activities or liabilities to or in respect of persons employed or formerly employed in or in connection with the carrying on of such activities.