s 6
(1) The sums paid before the end of the financial year 1980-81 under section 18(1) of the 1975 Act (under which the Secretary of State may with Treasury approval pay the Corporation such sums as he thinks fit) shall be treated as having been reduced at the end of that financial year by £3,000 million. (2) Any entitlement of the Secretary of State and any liability of the Corporation in respect of those sums shall be treated as reduced accordingly. (3) If the Secretary of State so provides by order made by statutory instrument, the sums paid under section 18(1) (whatever the date of payment) shall be treated as further reduced by the sum specified in the order. (4) On the order coming into force, any entitlement of the Secretary of State and any liability of the Corporation in respect of those sums shall be correspondingly reduced. (5) The sum specified in an order under subsection (3) above shall not exceed £1,000 million and, if more than one such order is made, the aggregate of the sums specified in them shall not exceed £1,000 million. (6) No order shall be made under subsection (3) above so as to come into force after the end of 1982. (7) No order shall be made under subsection (3) above unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons. 5. The following subsections shall be substituted for subsection (2) of section 19 of the 1975 Act (limit on aggregate of money borrowed by Corporation and publicly-owned companies and of money invested in Corporation by Secretary of State): — “ (2) The said limit is £3,500 million or such other sum as the Secretary of State may specify by order made with the consent of the Treasury. (3) The specified sum may be greater than the one it replaces, but shall not exceed £4,500 million. (4) Where an order is made so as to come into force before the end of 1982, the specified sum may be less than the one it replaces but shail not be less than £2,500 million.” Miscellaneous 6. The following provisions of the 1975 Act shall cease to have effect : — (a) in section 1, subsection (6) (after appointing member of Corporation, Secretary of State to lay before Parliament a statement of term of appointment) ; and (6) in Schedule 1, paragraph 8 (Secretary of State to lay before Parliament a statement of certain determinations about remuneration etc. of Corporation’s members).