Industry Act 1979 (repealed)

The following enactments, that is to say, section 8 of the Industry Act 1975, section 13 of the Scottish Development Agency Act 1975 and section 18 of the Welsh Development Agency Act 1975 (limits on loans made and capital made available to the National Enterprise Board, the Scottish Development Agency and the Welsh Development Agency and their wholly owned subsidiaries, and guarantees by, and in respect of loans to, that Board and those Agencies and any such subsidiary of the Scottish Development Agency) shall be amended in accordance with the following provisions of this section.

In section 8(2) (limit for National Enterprise Board of £700 million which can be raised by order under that subsection to £1,000 million), for the words " £700 million " and " £1,000 million " there shall be substituted the words " £3,000 million " and " £4,500 million " respectively.

In section 13(3) (limit for Scottish Development Agency of £200 million which can be raised by order under that subsection to £300 million), for the words "£200 million" and "£300 million" there shall be substituted the words " £500 million " and " £800 million " respectively.

In section 18(3) (limit for Welsh Development Agency of £100 million which can be raised by order under that subsection to £150 million), for the words " £100 million " and " £150 million " there shall be substituted the words " £250 million " and " £400 million " respectively.

In sections 8, 13 and 18, for the words " wholly owned subsidiaries " and " wholly owned subsidiary ", wherever occurring, there shall be substituted the words " subsidiaries " and " subsidiary " respectively.

In sections 8(4)(b), 13(5)(b) and 18(5)(b) (which bring within the relevant limit sums borrowed by a subsidiary of the Board or either of the Agencies only when it was such a subsidiary) for the words " when it was such a subsidiary " there shall be substituted the words " (whether or not it was such a subsidiary at the time any such sum was borrowed) " .

In accordance with the foregoing provisions of this section sections 8, 13 and 18 shall have effect as set out in the Schedule to this Act.

This Act may be cited as the Industry Act 1979.

The National Enterprise Board (Financial Limit) Order 1978 is hereby revoked.