{
  "url": "https://openlegislation.uk/nuclear-industry-finance-act-1977/section-2",
  "json_url": "https://openlegislation.uk/nuclear-industry-finance-act-1977/section-2.json",
  "legislation": "ukpga/1977/7",
  "legislation_title": "Nuclear Industry (Finance) Act 1977",
  "legislation_url": "https://openlegislation.uk/nuclear-industry-finance-act-1977",
  "path": "section/2",
  "kind": "section",
  "number": "2",
  "heading": "Financial limits.",
  "text": "(1) For the purposes of the Atomic Energy Authority Act 1971 (“the 1971 Act”) and this Act, the financial limit applicable to B.N.F.L. is £2,000 million;\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\nand the commitment of public finance to the company under the Acts (disregarding the Secretary of State’s guarantees under section 1(2) above) shall not at any time exceed the financial limit applicable to that company.\n(2) In relation to B.N.F.L., that commitment is to be taken as the aggregate of the following amounts—\n(a) the total paid (in or after 1971) by the Secretary of State or the United Kingdom Atomic Energy Authority, or by both collectively, for shares issued by the company (other than shares issued pursuant to section 7 of the 1971 Act in consideration of the transfer of property etc. made by the Act);\n(b) the total outstanding in respect of the principal of loans made (in or after 1971) by the Secretary of State to the company under section 12 of the Act; and\n(c) the total of—\n(i) any sums for which the Secretary of State is, or may in default of payment by the company become, liable in the fulfilment of guarantees given for the company under section 1(1) of this Act, so far only as the guarantee relates to the principal of any loan to the company; and\n(ii) any sums which he has paid in fulfilment of guarantees given for the company under that subsection, less any repayment made by the company of its resulting indebtedness under section 1(4).\n(3) The aggregate of—\n(a) any sums for which the Secretary of State is, or may in default of payment by B.N.F.L. become, liable in the fulfilment of guarantees given for the company under section 1(2) of this Act; and\n(b) any sums which he has paid in fulfilment of guarantees so given, less any repayment made by the company of its resulting indebtedness under section 1(4),\nshall not at any time exceed £400 million or such increased or further increased amount (not exceeding £500 million) as may be specified by order.\n(4) In this section “order” means an order in a statutory instrument made by the Secretary of State with Treasury approval and for the time being in force; and no such order shall be made unless a draft of it has been laid before the House of Commons and approved by a resolution of that House.\n(5) Section 13 of the 1971 Act (financial limits under sections 11 and 12 of that Act) is repealed; and—\n(a) in section 11(4) of that Act, the words “section 13 of this Act”; and\n(b) in section 12(1) of that Act, the words “the next following section”,\nare replaced in each case by the words “section 2 of the Nuclear Industry (Finance) Act 1977”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 2(1) substituted (5.10.2004) by Energy Act 2004 (c. 20), ss. 197(6)(a), 198(2); S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by virtue of Atomic Energy Act 1989 (c. 7, SIF 8), s. 1"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 2(1)(b) and preceding word repealed (5.10.2004) by Energy Act 2004 (c. 20), ss. 197(6)(b), 198(2), Sch. 23 Pts. 1; S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 2(1) substituted (5.10.2004) by Energy Act 2004 (c. 20), ss. 197(6)(c), 198(2); S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in s. 2(2) substituted (5.10.2004) by Energy Act 2004 (c. 20), ss. 197(7), 198(2); S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1971 c. 11."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 2 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 7 para. 5(1)Sch. 7 para. 5(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 2(3) modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 7 para. 5(3) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "The text of s. 2(5) 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 which may have been made prior to 1.2.1991."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1977/7/section/2",
    "retrieved_at": "2026-10-29T10:24:54.993086+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}