Gas and Electricity Act 1968 s 1

s 1

(1) In section 42(3) of the Gas Act 1948 (which limits the aggregate of the amounts outstanding in respect of any loans raised by the Gas Council or any Area Gas Board) for the words “£900 million or such greater sum, not exceeding £1,200 million, as the Minister may by order specify ’’, there shall be substituted the words “£1,600 million, or such greater sum, not exceeding £2,400 million, as the Minister may by order specify ”’. (2) No order shall be made under the said section 42(3) as amended by this section unless a draft of the order has been laid before the Commons House of Parliament and has been approved by a resolution of that House; and so much of section 71(3) of the Gas Act 1948 as provides that orders under that Act shall be subject to annulment in pursuance of a resolution of either House of Parliament shall not apply to an order under the said section 42(3). Cu. 39 Gas and Electricity Act 1968 (3) In consequence of subsection (1) above— (a) the Gas (Borrowing Powers) Act 1965 shall cease to have effect, and . (b) in section 2(2) of the Electricity and Gas Act 1963 (which specifies enactments which limit the amount of the Government advances authorised to be made to the Gas Council and other bodies under that section) for the words “or the Gas (Borrowing Powers) Act 1965”, there shall be substituted the words “or the Gas and Electricity Act 1968 ”’.