Industrial Common Ownership Act 1976
Industrial CommonOwnership Act 1976
1976 CHAPTER 78
An Act to further the development of enterprises controlled by people working in them, and for purposes connected therewith.
[22nd November 1976]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Grants and loans.
(1) The Secretary of State may with the consent of the Treasury, in the year beginning with the date when this Act comes into force and in each of the four following years, make grants to any relevant body out of money provided by Parliament, on such terms as he thinks fit, for the purpose of assisting the body to provide advice about the organisation of common ownership enterprises and co-operative enterprises; but the aggregate amount of the grants made in pursuance of this subsection in any year shall not exceed 30,000.
(2) The Secretary of State may with the consent of the Treasury make grants and loans to any relevant body out of money provided by Parliament, on such terms as he thinks fit, for the purpose of assisting the body to make loans to common ownership enterprises and co-operative enterprises; but—
(a ) the aggregate amount of the grants made and the loans by the Secretary of State which are for the time being outstanding in pursuance of this subsection shall not exceed 250,000; and
(b ) no grant or loan shall be made by the Secretary of State in pursuance of this subsection after the expiration of the period of five years beginning with the date when this Act comes into force.
(3) The Secretary of State may, by regulations made by statutory instrument, make provision with respect to the circumstances in which, the purposes for which and the terms on which money granted or lent by him to a body in pursuance of the preceding subsection may be lent by that body; and any statutory instrument made by virtue of this subsection shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(4) Any sum received by the Secretary of State in repayment of a loan made by him in pursuance of subsection (2) of this section or by way of interest on such a loan shall be paid into the Consolidated Fund.
(5) In this section ‘relevant body’ means a body appearing to the Secretary of State to be constituted for the purpose of encouraging the development of...
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