The Coal Industry (Restructuring Grants) Order 1988

• Citation: S.I. 1988/456
• Sections: 5

Section 1

This Order may be cited as the Coal Industry (Restructuring Grants) Order 1988 and shall come into force on 27th March 1988.

Section 2

In this Order, unless the context otherwise requires—

“ the Act ” means the Coal Industry Act 1987;

“ the Corporation ” means the British Coal Corporation or any wholly-owned subsidiary of theirs;

“employees” means employees of the Corporation;

“payments” means periodical or lump sum payments;

“the relevant consolidated profit and loss account” means any consolidated profit and loss account of the British Coal Corporation and their subsidiaries prepared in accordance with a direction given under section 8(1) of the Coal Industry Act 1971 for the financial year of the British Coal Corporation ending in March 1989;

and references to payments, contributions or expenditure are references to payments, contributions or expenditure by the Corporation.

Section 3

The kinds of expenditure specified in the Schedule to this Order are specified kinds of expenditure for the purposes of section 3(2)(a) of the Act in relation to the financial year of the British Coal Corporation ending in March 1989.

Section 4

The maximum amount which may be paid under section 3 of the Act by way of grant in respect of the financial year of the British Coal Corporation ending in March 1989 in relation to the kinds of expenditure specified under a Head in the Schedule is—

(a) in the case of the expenditure specified under Head 4, £26,100,000; and

(b) in the case of the expenditure specified under any other Head, that sum which represents 72.5 per cent. of—

(i) the total amount of the costs of the Corporation which are related to the kinds of expenditure specified under the Head and which fall to be charged to the relevant consolidated profit and loss account; or

(ii) if a larger amount has been agreed in respect of those costs for the purposes of section 3(2)(b) of the Act, that larger amount.

Section 5

The limit specified in section 3(6) of the Act on the aggregate of grants made under section 3(1) thereof is increased from £300 million to £500 million.