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PART II |
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THE NATIONAL ENDOWMENT FOR SCIENCE, TECHNOLOGY AND THE ARTS |
| The National Endowment for Science, Technology and the Arts. |
16. - (1) There shall be a body corporate known as the National Endowment for Science, Technology and the Arts (in this Part of this Act referred to as "NESTA").
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(2) Schedule 4 to this Act makes provision in relation to NESTA.
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| Objects. |
17. - (1) The objects of NESTA are to support and promote talent, innovation and creativity in the fields of science, technology and the arts.
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(2) The objects of NESTA are to be achieved by the following means, namely-
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(a) helping talented individuals (or groups of such individuals) in the fields of science, technology and the arts to achieve their potential; |
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(b) helping persons to turn inventions or ideas in the fields of science, technology and the arts into products or services- |
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(i) which can be effectively exploited; and
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(ii) the rights to which can be adequately protected; and
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(c) contributing to public knowledge and appreciation of science, technology and the arts. |
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(3) At the request of NESTA, the Secretary of State may by order amend subsection (2) above so as to add to, remove or vary any of the means by which NESTA are to achieve their objects.
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(4) An order under this section shall be made by statutory instrument; but no such instrument shall be made unless a draft of it has been laid before, and approved by a resolution of, each House of Parliament.
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| General duty and powers. |
18. - (1) NESTA shall be under a general duty to achieve their objects by the means for the time being specified in section 17(2) above.
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(2) Subject to any directions under section 20 or 21 below, NESTA may do anything which appears to them to be necessary or expedient for the purpose of or in connection with achieving their objects, including in particular-
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(a) giving financial assistance to persons (whether by way of grant, loan or otherwise); |
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(b) attaching conditions to any financial assistance given, including conditions requiring repayment, payment of interest or payment of other amounts; |
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(c) acquiring and disposing of, or exploiting, land and other property; |
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(d) taking charges or other forms of security over land and other property; |
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(e) entering into contracts of whatever nature; |
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(f) forming, or acquiring and disposing of interests in, bodies corporate; |
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(g) acting with other persons, whether by way of partnership, joint venture or otherwise; |
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(h) accepting gifts of assistance, money, land and other property; and |
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(i) investing money not immediately required for the purpose of achieving their objects. |
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(3) NESTA may not, without the approval of the Secretary of State-
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(b) make or enter into arrangements which give rise to, or may give rise to, contingent liabilities of an unusual nature. |
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(4) Directions under section 21 below may include provision for the purpose of determining whether arrangements are such as give rise to, or may give rise to, contingent liabilities of an unusual nature.
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| Initial and subsequent endowment. |
19. - (1) For the purpose of providing NESTA with an endowment to enable them to achieve their objects, the Secretary of State may, before the end of the period of one year beginning with the day on which this Act is passed, make one or more payments to NESTA out of money held in the National Lottery Distribution Fund and allocated for expenditure on or connected with health, education or the environment.
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(2) For the purpose of increasing the amount of NESTA's endowment, the Secretary of State may, at any time after the end of the period of one year beginning with the day on which this Act is passed, make an order permitting him to pay to NESTA, out of money held in the National Lottery Distribution Fund and allocated for such one or more of the descriptions for the time being mentioned in section 22(3) of the 1993 Act as may be specified in the order, such sum or, as the case may be, such sums (whether or not of equal amounts) as may be so specified.
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(3) Before making an order under this section, the Secretary of State shall consult each of the bodies for the time being mentioned in section 23 of the 1993 Act.
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(4) Where an order is made under this section, the Secretary of State may make the payment or payments permitted by the order.
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(5) NESTA may not spend their endowment, or any part of their endowment, without the approval of the Secretary of State.
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(6) In subsections (2) and (5) above, "endowment" means the aggregate of any amounts paid to NESTA under subsection (1) or (4) above.
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(7) In section 22 of the 1993 Act (apportionment of money in Distribution Fund) after subsection (3) there shall be inserted-
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"(4) This section has effect subject to section 19 of the National Lottery Act 1998."
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(8) An order under this section shall be made by statutory instrument; but no such instrument shall be made unless a draft of it has been laid before, and approved by a resolution of, each House of Parliament.
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