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House of Commons Hansard
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Air Corporations Money
23 November 1965
Volume 721

Resolution reported,

That, for the purposes of any Act of the present Session to provide for the capital reconstruction of the British Overseas Airways Corporation, it is expedient to authorise—
  • A. The remission, on such terms as may be provided by the said Act, of any obligation of the Corporation to make payments under section 42 of the Finance Act 1956 or section 3 of the Air Corporations Act 1962, in respect of sums advanced under those sections before 1st April 1965;
  • B. The transfer to the Treasury, on such terms as may be so provided, of all rights and liabilities of the Corporation in respect of stock issued before 1st April 1965, under the Air Corporations Act 1949 or any enactment repealed by that Act, the treatment of that stock as if it had been created and issued under the National Loans Act 1939 and the payment out of the Consolidated Fund of any sums required by the Treasury for making payments to the Corporation under transitional provisions of the said Act of the present Session relating to that stock;
  • C. The payment out of moneys provided by Parliament of any sums required by the Minister of Aviation for making payments to the Corporation on terms which provide for the making of payments to the Minister out of the profits and reserves of the Corporation, being sums and aggregate of which, taken together with the aggregate amount outstanding in respect of the principal of moneys borrowed by the Corporation, does not exceed the limit imposed by section 12(1) of the said Act of 1949 as for the time being in force;
  • D. The payment out of the Consolidated Fund of any sums required to fulfil any guarantee by the Treasury in respect of foreign currency debts of the Corporation or of the British European Airways Corporation;
  • E. The payment into the Exchequer and the re-issue out of the Consolidated Fund of any sums required to be so paid or re-issued by virtue of any provision of the said Act of the present Session.
  • Resolution agreed to.