Section 40 The National Oil Account.

United Kingdom

(1)

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(2)

There shall be paid into the Account, in addition to any sums required to be paid into it by virtue of any other provision of this Act—

(a)

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C1(b)

all sums which, after the coming into force of this paragraph, are received by the Secretary of State by virtue of the M1Petroleum (Production) Act 1934 or from the sale of any petroleum delivered to him under the terms of a licence granted in pursuance of that Act;

(c)

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(3)

There shall be paid out of the Account, in addition to any sums required to be paid out of it by virtue of any other provision of this Act,—

(a)

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C2(b)

any sums which, after the coming into force of this paragraph, are payable by the Secretary of State by reference to any licence granted in pursuance of the M2Petroleum (Production) Act 1934;

(c)

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(4)

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Annotations

Textual amendments

F1: S. 40(1)(4) repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss. 8(3)–(5), 37, Sch. 4
F2: S. 40(2)(a)(c), (3)(a)(c) repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss. 4(1)(6), 37, Sch. 4
F3: Words repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(3)–(5)

Marginal citations

M1: 1934 c. 36(86).
M2: 1934 c. 36(86).

Modifications

C1: S. 40(2)(b) amended (for references to the National Oil Account there are substituted references to the Consolidated Fund) by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(2)–(5)
C2: S. 40(3)(b) amended (for references to the National Oil Account there are substituted references to money provided by Parliament) by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(2)–(5)

Notes on the whole Act

Textual amendments

F1: Act repealed (15/02/1999) by 1998 c. 17, s. 51, Sch. 5 Pt. I (with Sch. 3 paras. 5(1), 10); S.I. 1999/161, art. 2