functions of the Corporation; to make further provision about licences to search for and get petroleum and about submarine pipe-lines and refineries; to authorise loans and guarantees in connection with the development of the petroleum resources of the United Kingdom and payments in respect of certain guarantees and loans by the Bank of England; and for purposes connected with the matters aforesaid.’ Provisions The Act comprises 49 Sections in 5 Parts and 4 Schedules: PART I The British National Oil Corporation Constitution – Section 1 – Constitution of the Corporation General functions of the Corporation – Sections 2 to 4 – General powers, duties and directions by the Secretary of State Financial provisions – Sections 5 to 10 – General financial duties, borrowing powers etc., loans by the Secretary of State, guarantees, exemption from petroleum revenue tax and stamp duty, accounts and audit, duty of the Corporation Miscellaneous – Sections 11 to 16 – provision of information, co-ordination of the Corporation and the British Gas Corporation, shares of NCB (Exploration) Ltd., annual report PART II Petroleum production licences Sections 17 to 19 – modification of model clauses, retrospective application to existing licences PART III Submarine pipe-lines Construction and use of pipe-lines – Sections 20 to 25 – control of construction and use, authorisations for pipe-lines, increases in capacity, rights to use pipe-lines, termination of authorisations, vesting Safety and inspection – Sections 26 & 27 – safety and Inspectors Criminal and civil liability – Sections 28 to 30 – enforcement, criminal proceedings, civil liability Supplemental – Section 31 to 33 – exclusion, regulations, interpretation PART IV Refineries Sections 34 to 39 – control of construction and extension, authorisations, planning permission, inspectors, offences, Scotland and Northern Ireland PART V Miscellaneous and General Miscellaneous – Sections 40 to 44 – National Oil Account, payments to petroleum licence holders, loans to promote development, Burmah Oil Co. Ltd., extension of Mineral Workings (Offshore Installations) Act 1971 General – Sections 45 to 49 – amendments of enactments, orders and regulations, expenses, interpretation, commencement and extent Schedules Schedule 1 – Additional provisions of British National Oil Corporation Schedule 2 – Production licences for seaward areas Schedule 3 – Production licences for landward areas Schedule 4 – Authorisations for Section 20 Consequences of the Act The British National Oil Corporation was formally established on 13 November 1975. Lord Kearton was the Chairman and Chief Executive, and Alastair Morton