2014
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10. Bergdisposal, cf Ascy may effect sulagerbingsfo£ 3 under- s or alterations in the capital structure of companies as may be desble. The Agency will be required to consult the new Iron and Steel Board in regard to re-groupings.
11. In deciding the price to be asked, regard will be had to all relevant factors at the time of sale. Account will have to be taken of the important changes which have taken place since nationalisation in the physical assets, capital structure, reserves and trading prospects of many of the iron and steel companies, together with other considerations such as the monetary and market conditions and the general level of security prices prevailing at the time.
12. In allocating securities offered for sale, the Agency will, notwithstand- ing the serious technical difficulties involved, give priority where practicable to applications from former shareholders.
Transitional Arrangements
13. During the period of transition, the Agency will be empowered with the approval of the Treasury to provide finance for companies whose securities they hold.
14. The Agency will exercise their powers as shareholders in the normal way, but will not intervene in matters of day to day management. It is intended that, pending disposal, companies owned by the Agency should operate as far as possible on the same footing as their privately owned competitors, and should stand in the same relationship as the latter to the Iron and Steel Board.
Finance
15. The Agency will pay to the Treasury the monies they receive from sales and dividends. The Treasury will provide such sums as are necessary to meet the Agency's outgoings.
16. Iron and Steel Stock will become part of the National Debt and will be re-named 3 per cent. Treasury Stock, 1979-81.
17. The Agency will be empowered to accept this Stock and most other Government Stock in payment for securities of iron and steel companies sold by them. Since the sale price will be fixed in relation to conditions current at the time of sale, these Government Stocks will be accepted at their then current market value.
Report to Parliament
18. The Agency will make an annual report to the Treasury who will lay it before Parliament.
Iron and Steel Board
III. PUBLIC SUPERVISION
19. In order to provide public supervision of the iron and steel industry, it is proposed to set up an Iron and Steel Board with statutory duties and powers.
20. The Board, which will be appointed by the Minister of Supply, will be composed of not more than 12 members. Qualifications for membership will include experience in the iron and steel industry, in the engineering and other industries using iron and steel, and in trade unions. There will be an independent chairman and some additional independent members.
21. Members of the Board will be appointed for a maximum term of 5
ill be eligible for re-appointment. fore-appointment.
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