Industry Act 1980

Industry Act 1980 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In section 1 of the Welsh Development Agency Act 1975— 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”; in subsection (3), after paragraph (i) there shall be added— 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 subsection (2)(c), in subsection (3)(d) the word “reorganisation”, and subsection (3)(e) shall cease to have effect; and in subsection (11) the words from “in connection” to “above” shall cease to have effect. 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. Subject to subsection (3) below and section 5 of this Act, the Secretary of State may with the approval of the Treasury— acquire securities of a company to which this section applies, make loans to such a company on such conditions and at such rates of interest as he may with that approval determine, and guarantee obligations (arising out of loans or otherwise) incurred by such a company. 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 National Loans Act 1968 in respect of comparable loans out of the National Loans Fund. 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— particulars of the securities of the company held by the Secretary of State at the end of that year, 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, particulars of guarantees then subsisting which were given under paragraph (c) of that subsection in respect of obligations incurred by the company, and any sums paid to meet guarantees so given, to the extent that they have not by then been repaid. As soon as practicable after a company to which this section applies— if it is a private company, has sent to members copies of accounts in accordance with section 423 of the Companies Act 2006, or if it is a public company, has laid accounts before the company in general meeting in accordance with section 437 of that Act, the Secretary of State shall lay before each House of Parliament a copy of those accounts and of any documents annexed or attached to them. 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. In this section and in section 5 of this Act— “company” means a company as defined in section 1(1) of the Companies Act 2006, “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 section 1159 of the Companies Act 2006, 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. Subject to subsection (7) below, the aggregate of— 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, the amounts outstanding, otherwise than by way of interest, in respect of the general external borrowing of companies to which that section applies, and 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. 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 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. For the purposes of subsection (6)(b) above, the general external borrowing of a company is the aggregate of— sums borrowed by the company otherwise than from any subsidiary of the company, and sums borrowed by such a subsidiary otherwise than from the company or another such subsidiary. In section I of the Industry Act 1975— in subsection (2) (membership of the National Enterprise of the Board) for the word “sixteen” there shall be substituted the word “twelve”, and subsection (8) (register of members’ financial interests) shall cease to have effect. In Part Ill of Schedule 1 to the House of Commons Disqualification Act 1975 and in Part Ill of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 there shall be inserted, at the appropriate place in alphabetical order— “ Chief executive of the National Enterprise Board. ” . The enactments mentioned in Schedule 2 to this Act are hereby repealed to the extent specified in column 3 of that Schedule. This Act may be cited as the Industry Act 1980. The provisions of this Act so far as they relate to the Scottish Development Agency extend to Scotland only. ... the provisions of this Act except— ...any ...provision so far as it relates to the Welsh Development Agency, extend to Northern Ireland. Act wholly in force at Royal Assent 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. 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 1975 c. 69. 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 1975 c. 70. S. 2: transfer of functions by S.I. 1999/672, art. 2, Sch. 1 1968 c. 13 . S. 5(2) repealed by Industry Act 1981 (c. 6, SIF 64), s. 7(3), Sch. 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 1975 c. 68. 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. 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 1975 c. 24. 1975 c. 25. 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 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 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 Ss. 10, 11 repealed by English Industrial Estates Corporation Act 1981 (c. 13, SIF 64), s. 9(4)(5), Sch. 2 Ss. 12—15 repealed by English Industrial Estates Corporation Act 1981 (c. 13, SIF 64), s. 9(4), Sch. 2 Ss. 16–18 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3 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 Schedule 1 repealed by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1)(2), Sch. 2 Pt. I, Sch. 3 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 S. 8(2) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2 S. 9 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2 S. 19 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2 S. 20 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2 Words in s. 22(3) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2 S. 2 omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), art. 1(2)Sch. 2 para. 8(1) (with art. 3(1)) S. 2A omitted (1.4.2006) by virtue of The Welsh Development Agency (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3226), art. 1(2)Sch. 2 para. 8(2) (with art. 3(1)) S. 3(5) substituted (1.10.2007) by Companies Act 2006 (Commencement No.3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194) , art. 1(3)(a) Sch. 4 para. 35 (with art. 12 ) Words in s. 3(5)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948) , art. 2(2) Sch. 1 para. 49(a) (with arts. 6 , 11 , 12 ) Words in s. 3(5)(b) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948) , art. 2(2) Sch. 1 para. 49(b) (with arts. 6 , 11 , 12 ) Words in s. 3(7) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941) , art. 1(2) Sch. 1 para. 44(a) (with art. 10 ) Words in s. 3(7) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941) , art. 1(2) Sch. 1 para. 44(b) (with art. 10 ) S. 4 omitted (W.) (10.9.2025) by virtue of Legislation (Procedure, Publication and Repeals) (Wales) Act 2025 (asc 3), s. 9(2)(d), Sch. 1 para. 47(2) 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. 1; and omitted (W.) (10.9.2025) by virtue of Legislation (Procedure, Publication and Repeals) (Wales) Act 2025 (asc 3), s. 9(2)(d), Sch. 1 para. 47(3) S. 6 omitted (W.) (10.9.2025) by virtue of Legislation (Procedure, Publication and Repeals) (Wales) Act 2025 (asc 3), s. 9(2)(d), Sch. 1 para. 47(4) 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; and omitted (W.) (10.9.2025) by virtue of Legislation (Procedure, Publication and Repeals) (Wales) Act 2025 (asc 3), s. 9(2)(d), Sch. 1 para. 47(5) 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 S. 4(2) repealed (1.4.1991) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. 1 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 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. 1 S. 6(4) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2