Export Guarantees and Overseas Investment Act 1978 (repealed 23.10.1991)
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
7 Application of limit on commitments to foreign currency transactions.
(1) This section applies— (a) to guarantees given under this Act under which the Secretary of State incurs foreign currency liabilities, other than guarantees of an amount in special drawing rights; and (b) to facilities arranged under section 2(2) above and loans made under section 3(1) above, under which amounts of principal moneys in foreign currencies, other than amounts in special drawing rights, are due to the Secretary of State or outstanding. (2) In the case of a guarantee to which this section applies the amount to be taken into account under section 6(2)(a) above at any time shall be calculated by reference to the equivalent in force at that time under subsection (4) below in special drawing rights of the amount of the foreign currency liability of the Secretary of State under the guarantee. (3) In the case of a facility or loan to which this section applies the amount to be taken into account under section 6(2)(b) above at any time shall be calculated by reference to the equivalent in force at that time under subsection (4) below in special drawing rights of the amount in the foreign currency due to the Secretary of State by virtue of the facility or outstanding in respect of the loan. (4) The equivalent in special drawing rights of an amount of a foreign currency liability or of an amount of principal moneys due or outstanding in a foreign currency shall be determined by the Secretary of State— (a) on or by reference to the day on which— (i) the guarantee is given; (ii) money is paid by the Secretary of State in fulfilment of the facility; or (iii) money is paid by him in fulfilment of the loan; as the case may be; and (b) by reference to the last day of each quarter at the end of which— (i) the guarantee remains in force; (ii) any of the principal moneys paid in fulfilment of the facility are due to the Secretary of State; or (iii) any of the principal moneys are outstanding in respect of the loan; as the case may be; and shall be so determined having regard to what appears to him to be the appropriate rate of exchange. (5) A determination made under subsection (4)(a) above shall take effect as from the day on or by reference to which it is made and (unless it ceases to be required at an earlier date) shall remain in force until the end of the quarter in which the guarantee is given or, as the case may be, the money is paid. (6) In relation to any quarter, a determination made by reference to the last day of the quarter under subsection (4)(b) above is referred to in this Act as a “quartely revaluation” and shall take effect as from the end of that quarter and (unless it ceases to be required at an earlier date) shall remain in force throughout the next succeeding quarter.
7 Application of limit on commitments to foreign currency transactions.
(1) This section applies— (a) to guarantees given under this Act under which the Secretary of State incurs foreign currency liabilities, other than guarantees of an amount in special drawing rights; and (b) to facilities arranged under section 2(2) above and loans made under section 3(1) above, under which amounts of principal moneys in foreign currencies, other than amounts in special drawing rights, are due to the Secretary of State or outstanding. (2) In the case of a guarantee to which this section applies the amount to be taken into account under section 6(2)(a) above at any time shall be calculated by reference to the equivalent in force at that time under subsection (4) below in special drawing rights of the amount of the foreign currency liability of the Secretary of State under the guarantee. (3) In the case of a facility or loan to which this section applies the amount to be taken into account under section 6(2)(b) above at any time shall be calculated by reference to the equivalent in force at that time under subsection (4) below in special drawing rights of the amount in the foreign currency due to the Secretary of State by virtue of the facility or outstanding in respect of the loan. (4) The equivalent in special drawing rights of an amount of a foreign currency liability or of an amount of principal moneys due or outstanding in a foreign currency shall be determined by the Secretary of State— (a) on or by reference to the day on which— (i) the guarantee is given; (ii) money is paid by the Secretary of State in fulfilment of the facility; or (iii) money is paid by him in fulfilment of the loan; as the case may be; and (b) by reference to the last day of each quarter at the end of which— (i) the guarantee remains in force; (ii) any of the principal moneys paid in fulfilment of the facility are due to the Secretary of State; or (iii) any of the principal moneys are outstanding in respect of the loan; as the case may be; and shall be so determined having regard to what appears to him to be the appropriate rate of exchange. (5) A determination made under subsection (4)(a) above shall take effect as from the day on or by reference to which it is made and (unless it ceases to be required at an earlier date) shall remain in force until the end of the quarter in which the guarantee is given or, as the case may be, the money is paid. (6) In relation to any quarter, a determination made by reference to the last day of the quarter under subsection (4)(b) above is referred to in this Act as a “quartely revaluation” and shall take effect as from the end of that quarter and (unless it ceases to be required at an earlier date) shall remain in force throughout the next succeeding quarter.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.