Section 25 Interpretation.F1

In this Act, unless the context otherwise requires—

• “ financial year ” means the period beginning with the commencement of this Act and ending with 31st March 1976, and each subsequent period of twelve months ending with 31st March;

• “ industry ” includes any description of commercial activity, and any section of an industry, and “ industrial ” shall be construed accordingly;

• F2 “ land ” includes—

  1. (a)

     the foreshore and other land covered with water;

  2. (b)

     any interest in, or right over, land; and

  3. (c)

     any other heritable property;

• “ local authority ” means a regional, islands or district council;

• “ sea bed ” includes its subsoil;

• “ subsidiary ” means a subsidiary as defined by F3 section 736 of the Companies Act 1985 ;

• “ wholly owned subsidiary ” has the meaning assigned to it by section 736(5)( b ) of the Companies Act 1985 .

Securities and other property are publicly owned for the purposes of this Act if they are held—

Except where the context otherwise requires, this Act shall apply in relation to any estate or interest in or right over the sea bed as it applies in relation to land, and the M1 Acquisition of Land (Authorisation Procedure) (Scotland) Act 1947 and the compulsory purchase enactments specified in subsection (4) below shall apply accordingly.

In subsection (3) above, “ the compulsory purchase enactments ” means the Lands Clauses Acts, and section 6 and sections 70 to 78 of the M2 Railways Clauses Consolidation (Scotland) Act 1845, the M3 Land Compensation (Scotland) Act 1963, section 278 of the M4 Town and Country Planning (Scotland) Act 1972 and Schedule 24 to that Act, and the M5 Land Compensation (Scotland) Act 1973.

Except in so far as the context otherwise requires, any reference in this Act to an enactment shall be construed as a reference to that enactment as amended, applied or extended by or under any other enactment, including this Act.