British Technology Group Act 1991
Vesting of property etc. of NRDC and NEB in a successor company
1 Vesting of property etc. of NRDC and NEB in a successor company.
2 Extinguishment of NRDC reserve and NEB public dividend capital.
Provisions relating to Government holdings in successor company
3 Initial Government holding in the successor company.
4 Government investment in securities of the successor company.
5 Exercise of functions through nominees.
6 Target investment limit for Government shareholding.
7 Offers for sale of securities etc.
Financial provisions relating to successor company
8 Financial structure of successor company.
9 Loans by Secretary of State to successor company.
10 Temporary restrictions on successor company’s borrowings etc.
Dissolution of the Corporation and Board
11 Dissolution of the Corporation and Board.
Supplementary provisions
12 Corporation tax.
13 Application of Trustee Investments Act 1961 in relation to investment in the successor company.
14 Orders.
15 Administrative expenses.
16 Interpretation.
17 Consequential amendments, repeals and transitional provisions.
18 Short title, commencement and extent.
SCHEDULES
SCHEDULE 1 PROVISIONS SUPPLEMENTARY TO S. 1
Preparation for transfer to successor company
1Without prejudice to any powers of the Corporation or Board...
Provisions as to vesting of property etc.
2Any agreement made, transaction effected or other thing done by,...
3Where immediately before the appointed day there is in force...
4(1) It is hereby declared for the avoidance of doubt...
Disqualification of certain directors of successor company
5In the House of Commons Disqualification Act 1975, in Part...
SCHEDULE 2 REPEALS
Part I REPEALS ON APPOINTED DAY
Part IIREPEALS ON DISSOLUTION OF CORPORATION
Part IIIREPEALS ON DISSOLUTION OF BOARD
SCHEDULE 3 TRANSITIONAL PROVISIONS AND SAVINGS
Constitution of the Corporation and Board
1During the transitional period section 1(2) of the Development of...
Vesting of foreign property etc. in the successor company
2(1) It shall be the duty of the Corporation and...
Application of enactments to certain continuing liabilities
3(1) Where any loan made to the Corporation under section...
Treasury guarantees
4Sub-paragraphs (2) to (5) of paragraph 4 of Schedule 2...
Final reports and accounts of the Corporation and the Board
5(1) Notwithstanding the repeal of section 13(2) of the Development...
Accounts of the Secretary of State
6Notwithstanding the repeal of section 7(6) of the Act of...
Payment of dividend by successor company before laying or delivery of accounts
7(1) Where it is proposed to declare a distribution during...

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British Technology Group Act 1991

1991 CHAPTER 66

An Act to provide for the vesting of the property, rights and liabilities of the National Research Development Corporation and the National Enterprise Board in a company nominated by the Secretary of State and for the subsequent dissolution of the Corporation and Board; and for connected purposes.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—