Section 10 Controlled companies.

United Kingdom

Where a company is controlled by any person, then—

(a)

for the purposes of the provisions of this Act relating to guarantees—

(i)

any contract entered into by the Secretary of State with that person shall, in so far as it provides for the Secretary of State to make payments to that person in respect of any loss of that company or in respect of any deficit on an account relating both to activities of that company and to activities of that person, be deemed a contract to indemnify that person against loss and a guarantee within the meaning of this Act;

(ii)

any guarantee given by the Secretary of State to or for the benefit of that company shall be deemed to be given for the benefit also of that person; and

(b)

for the purposes of section 2(2) above, any arrangements made by the Secretary of State for facilitating the payment of sums payable under a contract with that company shall be deemed to be arrangements for facilitating the payment of sums payable under a contract with that person.

Notes on the whole Act

Textual amendments

F1: Act repealed (23.10.1991) by Export and Investment Guarantees Act 1991 (c. 67), s. 15(4)(with saving in s. 15(5)); S.I. 1991/2430, art.2.