National Film Finance Corporation Act 1981 (repealed 5.11.1993)
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Change 1
9 Power to wind up Corporation where alternative source of finance for films.
(1) If at any time before the end of 1985 there are made between— (a) the Corporation, and (b) a company which satisfies the Secretary of State as to the matters mentioned in subsection (2), arrangements satisfactory to the Secretary of State for the transfer to that company, for valuable consideration, of the assets and liabilities of the Corporation, the Secretary of State may, with the approval of the Treasury, by order— (i) make such provision as appears to him requisite for giving effect to the arrangements, and (ii) provide for the cesser of the exercise of the functions of the Corporation. (2) The matters referred to in subsection (1)(b) are the following— (a) that the company is and will remain a British company; and (b) that the company is willing and able to make adequate financial facilities available to persons who wish to arrange for the production or distribution of cinematograph films. (3) In this section— “British company” means a company incorporated under the laws of Great Britain, being a company— over which a Commonwealth citizen has control, or two or more Commonwealth citizens are together in a position to exercise control, or over which a company which is a British company by virtue of the preceding provisions of this definition has control, or two or more such companies or such a company and a Commonwealth citizen are together in a position to exercise control; and “control”, in relation to a company, means the power of a person to secure— by means of the holding of shares or the possession of voting power in or in relation to that company or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that company or any other body corporate, that the affairs of the company are conducted in accordance with the wishes of that person. (4) An order under this section shall be made by statutory instrument; but no such order shall be made unless a draft of the order has been laid before the House of Commons and approved by a resolution of that House.
9 Power to wind up Corporation where alternative source of finance for films.
(1) If at any time before the end of 1985 there are made between— (a) the Corporation, and (b) a company which satisfies the Secretary of State as to the matters mentioned in subsection (2), arrangements satisfactory to the Secretary of State for the transfer to that company, for valuable consideration, of the assets and liabilities of the Corporation, the Secretary of State may, with the approval of the Treasury, by order— (i) make such provision as appears to him requisite for giving effect to the arrangements, and (ii) provide for the cesser of the exercise of the functions of the Corporation. (2) The matters referred to in subsection (1)(b) are the following— (a) that the company is and will remain a British company; and (b) that the company is willing and able to make adequate financial facilities available to persons who wish to arrange for the production or distribution of cinematograph films. (3) In this section— “British company” means a company incorporated under the laws of Great Britain, being a company— over which a Commonwealth citizen has control, or two or more Commonwealth citizens are together in a position to exercise control, or over which a company which is a British company by virtue of the preceding provisions of this definition has control, or two or more such companies or such a company and a Commonwealth citizen are together in a position to exercise control; and “control”, in relation to a company, means the power of a person to secure— by means of the holding of shares or the possession of voting power in or in relation to that company or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that company or any other body corporate, that the affairs of the company are conducted in accordance with the wishes of that person. (4) An order under this section shall be made by statutory instrument; but no such order shall be made unless a draft of the order has been laid before the House of Commons and approved by a resolution of that House.
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