Paragraph 3

England, Wales and Scotland

(1)

If at any time the Corporation are satisfied with respect to any loan made by them which has fallen due for repayment that the amount of the loan cannot, without harmful consequences to the production of films, be recovered in accordance with its terms or by means of the remedies available, the Corporation may with the approval of the Secretary of State enter into any financial arrangements with respect to the loan which, in the judgment of the Corporation, are calculated to lead to the eventual recovery of the whole or part of the amount of the loan without such consequences.

(2)

Any such arrangements may in particular provide—

(a)

for the waiving by the Corporation of payment of interest, or

(b)

for the acceptance by the Corporation of shares or debentures in any company in or towards repayment of the amount of the loan.

(3)

In sub-paragraph (2)(b) “shares”, “debentures” and “company” have the same meaning as in the F1 M1Companies Act 1985.

Annotations

Textual amendments

F1: Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

Paragraph 3

Annotations

Textual amendments

Marginal citations

Notes on the whole Act

Textual amendments