66 Transfer of property etc. of Generating Board and Electricity Council.U.K.
(1)Before such date as the Secretary of State may direct, the Generating Board shall make a scheme for the division of all its property, rights and liabilities between three or more companies nominated by the Secretary of State for the purposes of this subsection; and of the companies so nominated—
(a)two shall be designated as generating companies; and
(b)one shall be designated as the transmission company.
(2)Before such date as the Secretary of State may direct, the Electricity Council shall make a scheme—
(a)for the transfer to a company nominated for the purposes of this subsection by the Secretary of State; or
(b)for the division between two or more companies so nominated,
of all its property, rights and liabilities (other than excepted rights and liabilities).
(3)Subject to subsection (4) below, the Secretary of State may, after consulting the transferor, by order nominate for the pruposes of subsection (1) or (2) above any company formed and registered under the M1Companies Act 1985.
(4)On the transfer date each company so nominated must be—
(a)a company limited by shares which is wholly owned by the Crown; or
(b)in the case of company nominated for the purposes of subsection (2) above, a company limited by guarantee of which no person other than the Treasury or the Secretary of State, or a nominee of the Treasury or the Secretary of State, is a member.
(5)Subject to provisions of section 70 below, on the transfer date—
(a)all property, rights and liabilities to which immediately before that date the Generating Board was entitled or subject; and
(b)all property, rights and liabilities to which immediately before that date the Electricity Council was entitled or subject (other than excepted rights and liabilities),
shall become by virtue of this subsection property, rights and liabilities of the company to which they are allocated by the scheme under subsection (1) or, as the case may be, subsection (2) above.
(6)In this section “excepted rights and liabilities” means—
(a)any rights and liablilities with respect to corporation tax (including rights to receive any sums by way of repayment supplement and liabilities to pay any sums by way of interest or penalty);
(b)any rights and liabilities arising under an agreement which relates to any such rights and liabilities as are mentioned in paragraph (a) above and is specified or is of a description specified by the scheme made under subsection (2) above; and
(c)any rights and liabilities transferred by section 91 below.