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[12th April 1976] [{1}#75 million]. B>(2) In paragraph (1)( b ) the expression
""general external borrowing'' means C >>( a ) in relation to the Agency, sums
borrowed by it other than E >> >(i) sums borrowed from a body corporate which
is at the time of the loan one of the Agency's wholly-owned subsidiaries; E
>>> (ii) any sums mentioned in paragraph (1)( c ); or E > < >(iii) sums borrowed
by the Agency for the purposes of giving assistance under Article 7; and C >>(
b ) in relation to a wholly-owned subsidiary of the Agency, sums borrowed by
it when it was such a subsidiary other than sums borrowed from the Agency or
from another wholly-owned subsidiary, B but does not include any debt assumed
by the Agency under paragraph 6(1) of Schedule 2. N >> Art.11 spent ] shall
pay to each member such remuneration and such allowances as the Department
may, with the approval of the Department of Finance, determine and where a
member of the Agency is in the employ of any other person, the Agency may make
to that other person in consideration of the services to the Agency of that
member such payments as the Department may, with the approval of the
Department of Finance, determine.
7. The Agency shall make such provision as may be determined by the
Department, with the approval of the Department of Finance, for the payment of
pensions, allowances or gratuities (including refunds of contributions to any
pension fund with or without interest or other additions) to or in respect of
such members or past members of the Agency as may be so determined.
8. Where a person ceases to be a member otherwise than on the expiry of his
term of office, and it appears to the Department that there are special
circumstances which make it right for that person to receive compensation, the
Department, with the approval of the Department of Finance, may direct the
Agency to make to that person a payment of such amount as the Department may,
with the approval of the Department of Finance, determine.
Para.9 amends sch.1 to 1969 c.25 (NI). Para.10 amends sch.1 to 1975 c.25
11.(1) Without prejudice to Article 3(7), the Agency may employ such officers
and servants as appear to the Agency necessary for the exercise of its
functions.
(2) The Agency may pay to persons employed by it such remuneration as the
Agency may determine but the remuneration payable to such of those persons as
the Department may from time to time determine shall be subject to the
approval of the Department and the Department of Finance.
(3) The Agency may pay to persons employed by it such reasonable allowances in
respect of expenses as the Department may, with the approval of the Department
of Finance, determine.
(4) The Agency may
(a)pay such pensions, allowances or gratuities to or in respect of such
persons employed by it;
(b)make such payments towards the provision of such pensions, allowances or
gratuities (including refunds of contributions to any pensions fund with or
without interest or other additions); and
(c)provide and maintain such schemes (whether contributory or not) for the
payment of such pensions, allowances or gratuities;
(5) Where a person employed by the Agency and participating in a scheme for
the payment of pensions, allowances or gratuities which is applicable to such
persons becomes a member of the Agency, his service as a member may be treated
for the purposes of the scheme as service as a person employed by the Agency,
whether or not provision for or in respect of him is made under paragraph 7.
(6) Except so far as the Agency is satisfied that adequate machinery exists
for the purpose, it shall be the duty of the Agency to seek consultation with
any organisation appearing to it to be appropriate with a view to the
conclusion between the Agency and that organisation of such agreements as
appear to the parties to be desirable with respect to the establishment and
maintenance of machinery for the settlement by negotiation of terms and
conditions of employment of persons employed by the Agency, with provision for
reference to arbitration in default of such agreement in such cases as may be
determined by or under the agreements.
12. The quorum of the Agency and the arrangements relating to meetings of the
Agency shall be such as the Agency may determine.
13.(1) A member who is in any way directly or indirectly interested in a
contract made or proposed to be made by the Agency, or in any other matter
whatsoever which falls to be considered by the Agency, shall disclose the
nature of his interest at a meeting of the Agency, and the disclosure shall be
recorded in the minutes of the meeting.
(2) Such a member shall not
(a)in the case of any such contract, take part in any deliberation or decision
of the Agency with respect to the contract; and
(b)in the case of any other matter, take part in any deliberation or decision
of the Agency with respect to the matter if the Agency decides that the
interest in question might prejudicially affect the member's consideration of
the matter.
(3) For the purposes of this paragraph, a notice given by a member at a
meeting of the Agency to the effect that he is a member of a specified body
corporate or firm and is to be regarded as interested in any contract which is
made with the company or firm after the date of the notice, and in any other
matter whatsoever concerning the company or firm which falls to be considered
by the Agency after that date, shall be a sufficient disclosure of his
interest.
(4) A member need not attend in person at a meeting of the Agency in order to
make a disclosure which he is required to make under this paragraph, if he
takes reasonable steps to secure that the disclosure is made by a notice which
is taken into consideration and read at such a meeting.
14. The validity of any proceedings of the Agency shall not be affected by any
vacancy among the members or by any defect in the appointment of a member or
by any failure to comply with the requirements of paragraph 13.
15.(1) In connection with the exercise of its functions, the Agency may
establish such committees as appear to it to be appropriate, and the
composition and remit of such a committee and the terms on which its members
hold office shall be determined by the Agency.
(2) The Agency shall pay to members of any committee established under
sub-paragraph (1), who are not members of the Agency, travelling and other
allowances, including compensation for loss of remunerative time, in
accordance with arrangements to be determined by the Department with the
approval of the Department of Finance.
16. The application of the seal of the Agency to any document shall be
attested by the signature of the chairman of the Agency or some other person
authorised by the Agency for that purpose.
17.(1) Stamp duty shall not be chargeable on any instrument which is certified
to the Commissioners of Inland Revenue by the Agency as having been made or
executed, for the purposes of the transfer to the Agency of securities or
other property held
(a)by or on behalf of the Crown; or
(b)by a company all of whose shares are held by or on behalf of the Crown or
by a wholly-owned subsidiary of such a company.
(2) No such instrument as is mentioned in sub-paragraph (1) shall be deemed to
be duly stamped unless it is stamped with the duty for which it would, but for
this paragraph, be liable, or it has, in accordance with the provisions of the
Stamp Act 1891 been stamped with a particular stamp denoting that it is not
chargeable with any duty or that it is duly stamped.
(3) Property vested in the Agency by virtue of Article 13 shall not be treated
as so vested by way of sale for the purposes of section 12 of the
Finance Act 1895 (which requires enactments to be stamped as conveyances on
sale in certain cases).
18. Section 200 of the Companies Act (Northern Ireland) 1960 (power to acquire
shares of shareholders dissenting from scheme or contract approved by
majority) shall have effect in relation to the transfer of shares or any class
of shares in a company to the Agency and references to a transferee company in
that section shall be construed accordingly.
19. Section 13(1) of the Prevention of Fraud (Investments) Act (Northern
Ireland) 1940 shall not apply to documents which the Agency distributes in the
discharge of its functions or causes to be so distributed or has in its
possession for the purposes of such distribution and the distribution of such
documents is, for the purposes of section 14(2)(c) of the Prevention of Fraud
(Investments) Act 1958, hereby authorised by this Order.
1.(1) The Agency may borrow money only
(a)in accordance with sub-paragraphs (2) and (3), or
(b)from its wholly-owned subsidiaries.
(2) The Agency may borrow temporarily, by way of overdraft or otherwise, such
sums as it may require for meeting its obligations and discharging its
functions
(a)in sterling from the Department; or
(b)with the consent of the Department and the approval of the Department of
Finance, or in accordance with any general authority given by the Department
with the approval of the Department of Finance, either in sterling or in a
currency other than sterling from a person other than the Department.
(3) The Agency may borrow otherwise than by way of temporary loan such sums as
it may require for capital purposes or for fulfilling guarantees entered into
by it
(a)in sterling from the Department; or
(b)with the consent of the Department and the approval of the Department of
Finance, in sterling from the Commission of the European Communities or the
European Investment Bank, or
(c)with the like consent and approval in any currency other than sterling from
a person other than the Department.
(4) References to borrowing in this paragraph do not include borrowing under
Article 7.
2.(1) The Department may lend to the Agency any such sums which the Agency has
power to borrow from it under paragraph 1, and the Department of Finance may
issue to the Department out of the Consolidated Fund any sums necessary to
enable the Department to make loans in pursuance of this sub-paragraph.
(2) The Department of Finance may borrow money for the purpose of providing
for issues out of the Consolidated Fund under sub-paragraph (1).
(3) Any loans made in pursuance of sub-paragraph (1) shall be repaid to the
Department at such times and by such methods, and interest on the loan shall
be paid to it at such times and at such rates, as it may from time to time
direct.
(4) All sums received from the Agency by the Department as interest on loans
or repayment of loans shall be paid into the Consolidated Fund.
(5) The Department shall prepare in respect of each financial year an account,
in such form as the Department of Finance may direct, of the sums issued by it
in pursuance of sub-paragraph (1) and the sums received by it from the Agency
as interest on loans or repayment of loans and of the disposal by it of those
sums and shall send the account to the Comptroller and Auditor General before
the end of the month of November next following the end of that year; and the
Comptroller and Auditor General shall examine, certify and report on the
account and lay copies of it and of his report before the Northern Ireland
Assembly.
3. It shall be the duty of the Agency to secure that no wholly-owned
subsidiary of its borrows money otherwise than from the Agency or from another
wholly-owned subsidiary of its except with the consent of the Department and
the approval of the Department of Finance.
4.(1) The Department of Finance may guarantee, in such manner and on such
conditions as it thinks fit, the repayment of the principal of, and the
payment of interest on, any sums which the Agency borrows from a person other
than the Department.
(2) Any sums required by the Department of Finance for fulfilling a guarantee
under this paragraph shall be charged on and issued out of the Consolidated
Fund and that Department may borrow money for the purpose of providing for
such issues.
(3) If any sums are issued in fulfilment of a guarantee given under this
paragraph, the Agency shall make to the Department of Finance, at such time
and in such manner as the Department of Finance from time to time directs,
payments of such amounts as the Department of Finance so directs in or towards
repayment of the sums so issued and payments of interest, at such rate as the
Department of Finance so directs, on what is outstanding for the time being in
respect of sums so issued.
(4) Any sums received by the Department of Finance in pursuance of
sub-paragraph (3) shall be paid into the Consolidated Fund.
(5) The Department of Finance shall include with the Finance Accounts
presented to the Northern Ireland Assembly under section 10(2) of the
Exchequer and Financial Provisions Act (Northern Ireland) 1950
(a)a statement of the total amount of the guarantees, if any, given under this
paragraph during the then last preceding financial year; and
(b)an account up to the end of that financial year of the total sums, if any,
which have been issued under sub-paragraph (2) out of the Consolidated Fund or
paid to the Department of Finance under sub-paragraph (3).
5.(1) The Department may pay to the Agency such sums (in this Schedule
referred to as "public dividend capital") as the Department thinks fit.
(2) The Department may direct that so much of the debt assumed by the Agency
under paragraph 6 as it may, with the approval of the Department of Finance,
determine shall be treated as an addition to that capital.
(3) Public dividend capital may, in such cases as the Department may
determine, be used to repay the principal of loans referred to in Article
10(1)(a) and the Department may make contributions towards any interest due
and outstanding on such loans at the time when they are so repaid.
(4) In consideration of receiving public dividend capital the Agency shall
make to the Department, as respects each financial year (except such a year as
respects which the Agency satisfies the Department that it is inappropriate to
make a payment in pursuance of this sub-paragraph), payments of such amounts
as may be proposed by the Agency and agreed by the Department or such other
amounts as the Department may determine, after consultation with the Agency;
and any sums received by the Department in pursuance of this sub-paragraph
shall be paid into the Consolidated Fund.
(5) The account prepared in respect of any financial year in pursuance of
paragraph 2(5) shall include particulars of the sums which in that year are
paid to the Agency or are paid into the Consolidated Fund in pursuance of this
paragraph.
(6) The Department shall not make a payment, signify agreement, or make a
determination in pursuance of this paragraph except with the approval of the
Department of Finance.
6.(1) Upon any acquisition to which this paragraph applies, the Agency shall
assume a debt to the Department of such amount as may be notified to the
Agency in writing by the Department, with the approval of the Department of
Finance.
(2) This paragraph applies to any acquisition by the Agency
(a)of securities or other property held
(i)by or on behalf of the Crown; or
(ii)by a company all of whose shares are held by or on behalf of the Crown or
by a wholly-owned subsidiary of such a company; or
(b)under Article 7.
(3) Subject to sub-paragraph (4), in a case to which sub-paragraph (2)(a)
applies, the amount to be notified is the aggregate of the following, namely
(a)the consideration given when the property was first brought into public
ownership, and
(b)the costs and expenses of and incidental to it being brought into public
ownership.
(4) If it appears to the Department in any such case that there has been such
a change in circumstances since the property was first brought into public
ownership that its true value would not be reflected by reference to the
consideration mentioned in sub-paragraph (3), the Department, with the
approval of the Department of Finance, shall determine the amount to be
notified.
(5) In a case to which sub-paragraph (2)(b) applies, the amount to be notified
is the aggregate of the consideration for the acquisition and the costs and
expenses of and incidental to it.
(6) The rate of interest payable on so much of the Agency's capital debt as
the Department does not direct to be treated as an addition to the Agency's
public dividend capital, and the date from which interest is to begin to
accrue, the arrangements for paying off the principal, and the other terms of
the debt shall be such as the Department, with the approval of the Department
of Finance, may from time to time determine; and different rates and dates may
be determined under this sub-paragraph with respect to different portions of
the debt.
(7) Any sums received by the Department under sub-paragraph (6) shall be paid
into the Consolidated Fund.
7.(1) The Agency shall keep proper accounts and other records in relation to
the accounts and shall prepare in respect of each financial year a statement
of accounts in such form and containing such information as the Department,
with the approval of the Department of Finance, may determine, the form being
such as shall conform to the best commercial standards.
(2) The accounts of the Agency shall be audited by auditors appointed by the
Agency with the approval of the Department and shall be vouched to the
satisfaction of such auditors.
(3) The Agency shall, at such time in each year as the Department may direct,
transmit copies of the statement of accounts for the financial year last
ended, certified by the auditors, to the Department and to the Comptroller and
Auditor General.
(4) The Comptroller and Auditor General shall examine a copy of each annual
statement of accounts and shall make a report thereon and shall send copies of
that report to the Department and to the Agency and the Department shall lay a
copy of the report before the Northern Ireland Assembly.
(5) The Agency shall provide the Department with such information relating to
its activities or proposed activities as the Department may from time to time
require and for that purpose shall permit any person authorised in that behalf
by the Department or the Comptroller and Auditor General to inspect and make
copies of the Agency's accounts, books, documents or papers, and the Agency
shall afford to that person such explanation thereof as he may reasonably
require.
8.(1) It shall be the duty of the Agency to make to the Department, as soon as
possible after the end of each financial year, a report dealing with the
operations of the Agency during that year and such report shall be in such
form and contain such information as the Department may direct.
(2) The Department shall lay before the Northern Ireland Assembly a copy of
each report made to it under this paragraph together with a copy of each
annual statement of accounts transmitted to it under paragraph 7(3).
(3) If a report laid under sub-paragraph (2) sets out a direction under
Article 6, a copy of which has not been laid in accordance with paragraph (4)
of that Article, a statement of the reason why the copy was not so laid shall
be annexed to the Agency's report by the Head of the Department and the said
paragraph (4) shall not apply to the direction.
1. In the case of a person to be employed by the Agency on or after the day
appointed for the coming into operation of Article 13, who immediately before
that day was employed by the Northern Ireland Finance Corporation, the Agency
shall ensure that
(a)so long as he continues in the employment of the Agency and until he is
served with a statement in writing specifying new terms and conditions of
employment, each such person enjoys terms and conditions of employment not
less favourable, taken as a whole, than those he enjoyed as a member of the
Corporation's staff immediately before joining the Agency's staff;
(b)the new terms and conditions are such that, so long as he is engaged in
duties reasonably comparable to those in which he was engaged immediately
before he joined the Agency's staff, the terms and conditions of his
employment, taken as a whole, are not less favourable than those which he then
enjoyed.
2. The Department shall by regulations made with the consent of the Department
of Finance require the Agency to pay, in such cases and to such extent as may
be determined by or under the regulations, compensation to or in respect of
persons hitherto employed by the Corporation who suffer loss of employment or
loss or diminution of emoluments or pension rights in consequence of the
provisions of this Order.
3. Regulations under paragraph 2 may be so framed as to have effect as from a
date prior to the making thereof, so, however, that so much of any regulations
as provides that any provision thereof is to have effect from a date earlier
than the making thereof shall not place any person other than the Agency in a
worse position than he would have been in if the regulations had been made to
have effect only from the date of the making thereof.
4. Regulations under paragraph 2
(a)may prescribe the procedure to be followed in making claims for
compensation, and the manner in which, and the person by whom, the question
whether any or what compensation is payable is to be determined; and
(b)may apply, with or without modifications, the provisions of any other rules
or regulations relating to similar matters.
5. For the purposes of the Contracts of Employment and Redundancy Payments Act
(Northern Ireland) 1965 there shall be deemed to have been no break in the
employment of any person who is transferred from the employment of the
Northern Ireland Finance Corporation to that of the Agency.
© 1976 Crown Copyright
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