Electricity Reorganisation (Scotland) [Money]

Part of the debate – in the House of Commons at 12:00 am on 12th May 1954.

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Resolution reported, That, for the purposes of any Act of the present Session to transfer the functions of the Minister of Fuel and Power in Scotland in relation to electricity to the Secretary of State, to establish the South of Scotland Electricity Board and to transfer the functions of the British Electricity Authority in the south of Scotland and of the Scottish Area Boards to that Board, and for purposes connected therewith, it is expedient to authorise—

  1. (a) the payment out of the Consolidated Fund of any increase attributable to the said Act of the present Session in the sums which may be required by the Treasury for fulfilling any guarantees given by them under section fourteen of the Hydro-Electric Development (Scotland) Act. 1943, as read with section forty-seven of the Electricity Act, 1947, in respect of loans raised or to be raised by the South of Scotland Electricity Board, so, however, that the aggregate of the amounts outstanding in respect of the principal of any stock issued for the purpose of raising any such loan and of any moneys temporarily borrowed by the said Board (other than any loan from the British Electricity Authority to the said Board by virtue of any financial adjustment made under the said Act of the present Session between the Authority and the Board, or any loan raised for the purpose of the said adjustment) do not at any time exceed the sum of seventy-five million pounds, excluding stock issued and moneys temporarily borrowed for the purpose of redeeming stock or repaying moneys temporarily borrowed;
  2. (b) the payment into the Exchequer of any sums paid in or towards the repayment of any sum issued out of the Consolidated Fund by virtue of the said Act of the present Session; and
  3. (c) the payment out of moneys provided by Parliament of the expenses incurred in consequence of the provisions of the said Act of the present Session by any Minister of the Crown or Government Department.
Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution.