TNAG-0098-FCO40-134-Construction-of-a-Cross-Harbour-Tunnel-1968 — Page 28

14 & 15 Geo. 6

Export Guarantees Act, 1951

CH 17

DRUIT

CHAPTER 17

An Act to provide that any power which is or was con- ferred on the Board of Trade by the Export Guarantees Act, 1949, or by the Export Guarantees Acts, 1939 to 1948, to give guarantees to or for the benefit of a person shall be taken to extend- and have extended to the giving to him of certain similar undertakings in relation to the business of any company controlled by him, and to the giving of guarantees and undertakings to or for the benefit of any such company.

[21st March 1951.]

BE

E it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

Board of Trade

1.-(1) For the purposes of the Export Guarantees Act, 1949 Extension of (under which the Board of Trade may give, to or for the benefit powers of of persons carrying on business in the United Kingdom, guarantees under 12 & 13 in connection with overseas transactions), a contract entered into Geo. 6. c. 14. by the Board with any person (whether a company or not) shall, in so far as it provides for the Board to make payments to him in respect of any loss of a company directly or indirectly controlled by him, or in respect of any deficit on an account relating both to activities of such a company and to activities of his, be deemed a contract to indemnify him against loss, and a guarantee within the meaning of that Act.

(2) For the purposes of the Export Guarantees Act, 1949, any guarantee within the meaning of that Act given by the Board to, or for the benefit of a company which is directly or indirectly controlled by another person (whether a company or not) shall be deemed to be given for the benefit also of that person.