Oil and Pipelines Act 1985
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Change 1
4 Duty of Agency to dispose of surplus property etc.
(1) It shall be the duty of the Agency to dispose of or discharge, on the best terms reasonably obtainable, all of the property, rights and liabilities vested in it by virtue of section 3 above except such as may be determined by the Secretary of State to be property, rights and liabilities which, having regard to the matters mentioned in subsection (2) below, should continue to be vested in the Agency. (2) The said matters are— (a) the Agency’s functions under section 2 above; and (b) such amount as may be determined by the Secretary of State with the approval of the Treasury to be the amount required by the Agency as initial capital. (3) Any sums received by the Agency under subsection (1) above, other than such sums as may be determined by the Secretary of State with the approval of the Treasury to be sums required to be retained by the Agency for meeting expenditure incurred by it under that subsection, shall be paid to the Secretary of State; and any sums received by the Secretary of State under this subsection shall be paid into the Consolidated Fund. (4) Any expenditure incurred by the Agency under subsection (1) above shall, except in so far as it is met out of sums retained under subsection (3) above, be defrayed by the Secretary of State out of money provided by Parliament. (5) For the purposes of this section any expenditure incurred by the Agency under paragraph 3 or 4 of Schedule 2 to this Act shall be regarded as expenditure incurred by the Agency under subsection (1) above.
4 Duty of Agency to dispose of surplus property etc.
(1) It shall be the duty of the Agency to dispose of or discharge, on the best terms reasonably obtainable, all of the property, rights and liabilities vested in it by virtue of section 3 above except such as may be determined by the Secretary of State to be property, rights and liabilities which, having regard to the matters mentioned in subsection (2) below, should continue to be vested in the Agency. (2) The said matters are— (a) the Agency’s functions under section 2 above; and (b) such amount as may be determined by the Secretary of State with the approval of the Treasury to be the amount required by the Agency as initial capital. (3) Any sums received by the Agency under subsection (1) above, other than such sums as may be determined by the Secretary of State with the approval of the Treasury to be sums required to be retained by the Agency for meeting expenditure incurred by it under that subsection, shall be paid to the Secretary of State; and any sums received by the Secretary of State under this subsection shall be paid into the Consolidated Fund. (4) Any expenditure incurred by the Agency under subsection (1) above shall, except in so far as it is met out of sums retained under subsection (3) above, be defrayed by the Secretary of State out of money provided by Parliament. (5) For the purposes of this section any expenditure incurred by the Agency under paragraph 3 or 4 of Schedule 2 to this Act shall be regarded as expenditure incurred by the Agency under subsection (1) above.
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