National Film Finance Corporation Act 1981 (repealed 5.11.1993)
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Change 1
SCHEDULE 2 Loans by the Corporation: Supplementary Provisions
Section 2. General provisions as to terms 1 (1) Loans by the Corporation, with the exception of those under section 2(3), shall be made in accordance with the following provisions of this paragraph. (2) Loans shall be for such period not exceeding 5 years from the date of their being made, and shall carry such interest, as the Corporation may determine. (3) The interest determined by the Corporation in respect of a loan shall be such interest as they consider reasonable, regard being had— (a) to the current market rates of interest; (b) to the standing of the borrower; and (c) to the degree of likelihood that the making of the loan (or, in the case of a loan under section 2(2)(b), the making of the agreement in question) will result in the production or distribution of films on a commercially successful basis. (4) The Corporation may require such security to be given for the repayment of a loan, together with any sums due in respect of interest, as may be available. (5) In this paragraph (except sub-paragraph (3)(a)) references to interest include references to rights to share in profits. Loans for purpose of financing production of films 2 (1) The Corporation shall not make a loan under section 2(1) to any person for the purpose of financing the production of a film or a programme of films unless he agrees to produce from time to time to the Corporation, as and when required by them to do so— (a) an estimate of the cost of producing that film or, as the case may be, each film in that programme; and (b) an estimate of the cost of producing any other films whose production he finances (in whole or in part) at any time before the loan is completely repaid, or in whose commercial success he has at any such time any financial interest. (2) In making any such loan, and in exercising their other powers under this Act in relation to any such loan, the Corporation shall have regard to the amount which might reasonably be expected to be received by the person to whom the loan is made— (a) from the distribution of the film or films whose production is to be financed by means of the loan; and (b) to such extent (if any) as appears proper in the circumstances, from the distribution of films falling within sub-paragraph (1)(b). Arrangements with respect to certain loans 3 (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 Companies Act 1985.
SCHEDULE 2 Loans by the Corporation: Supplementary Provisions
Section 2. General provisions as to terms 1 (1) Loans by the Corporation, with the exception of those under section 2(3), shall be made in accordance with the following provisions of this paragraph. (2) Loans shall be for such period not exceeding 5 years from the date of their being made, and shall carry such interest, as the Corporation may determine. (3) The interest determined by the Corporation in respect of a loan shall be such interest as they consider reasonable, regard being had— (a) to the current market rates of interest; (b) to the standing of the borrower; and (c) to the degree of likelihood that the making of the loan (or, in the case of a loan under section 2(2)(b), the making of the agreement in question) will result in the production or distribution of films on a commercially successful basis. (4) The Corporation may require such security to be given for the repayment of a loan, together with any sums due in respect of interest, as may be available. (5) In this paragraph (except sub-paragraph (3)(a)) references to interest include references to rights to share in profits. Loans for purpose of financing production of films 2 (1) The Corporation shall not make a loan under section 2(1) to any person for the purpose of financing the production of a film or a programme of films unless he agrees to produce from time to time to the Corporation, as and when required by them to do so— (a) an estimate of the cost of producing that film or, as the case may be, each film in that programme; and (b) an estimate of the cost of producing any other films whose production he finances (in whole or in part) at any time before the loan is completely repaid, or in whose commercial success he has at any such time any financial interest. (2) In making any such loan, and in exercising their other powers under this Act in relation to any such loan, the Corporation shall have regard to the amount which might reasonably be expected to be received by the person to whom the loan is made— (a) from the distribution of the film or films whose production is to be financed by means of the loan; and (b) to such extent (if any) as appears proper in the circumstances, from the distribution of films falling within sub-paragraph (1)(b). Arrangements with respect to certain loans 3 (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 Companies Act 1985.
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