Steel Industry (Nationalisation) Act 2026
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Change 1
58 Financial assistance
(1) The Secretary of State may provide financial assistance to any person in connection with, or in consequence of, the exercise of a power conferred by Part 1 in relation to a steel undertaking. (2) Financial assistance under this section may be provided in any form and in particular may be provided— (a) by way of grant, loan, guarantee or indemnity, (b) by the acquisition of shares or any other interest in, or securities of, a body corporate, (c) by the acquisition of any undertaking or of any assets, (d) pursuant to a contract, or (e) by incurring expenditure for the benefit of the person assisted. (3) Financial assistance under this section may be provided subject to such conditions as the Secretary of State considers appropriate, which may include— (a) conditions about repayment with or without interest or other return; (b) conditions about reimbursement in respect of indemnities or guarantees; (c) conditions with which the person to whom the assistance is given must comply. (4) The power to provide financial assistance under this section is in addition to (and does not limit or replace) any other power of a Minister of the Crown to provide financial assistance. (5) “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975 (see section 8(1) of that Act).
58 Financial assistance
(1) The Secretary of State may provide financial assistance to any person in connection with, or in consequence of, the exercise of a power conferred by Part 1 in relation to a steel undertaking. (2) Financial assistance under this section may be provided in any form and in particular may be provided— (a) by way of grant, loan, guarantee or indemnity, (b) by the acquisition of shares or any other interest in, or securities of, a body corporate, (c) by the acquisition of any undertaking or of any assets, (d) pursuant to a contract, or (e) by incurring expenditure for the benefit of the person assisted. (3) Financial assistance under this section may be provided subject to such conditions as the Secretary of State considers appropriate, which may include— (a) conditions about repayment with or without interest or other return; (b) conditions about reimbursement in respect of indemnities or guarantees; (c) conditions with which the person to whom the assistance is given must comply. (4) The power to provide financial assistance under this section is in addition to (and does not limit or replace) any other power of a Minister of the Crown to provide financial assistance. (5) “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975 (see section 8(1) of that Act).
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