The Electricity (Northern Ireland) Order 1992

Interpretation of Part III

68.—(1) In this Part

• “debentures” includes debenture stock;

• “generating company” means a company designated as such by the Department;

• “securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;

• “shares” includes stock;

• “successor company” means a company nominated under Article 69(2) for the purposes of Article 69(1);

• “the transfer date” means the day appointed under Article 69(3) for the purposes of Article 69(4);

• “transferee”, in relation to any transfer of assets and liabilities effected or proposed to be effected under this Part, means the person to whom they are or are to be so transferred;

• “transfer scheme” means a scheme under Article 69(1);

• “transitional period”, in relation to Northern Ireland Electricity, means the period of Northern Ireland Electricity’s continued existence under Article 86(2) after the transfer date and until it is dissolved under Article 86(4);

• “transmission and supply company” means the company designated as such by the Department.

(2) Subject to Article 70(5), in this Part any reference to the Crown is a reference to the Crown in right of Her Majesty’s Government in Northern Ireland.

(3) A company shall be regarded for the purposes of this Part as wholly owned by the Crown at any time when none of the issued shares in the company is held otherwise than—

(a) by, or by a nominee of, the Department or the Department of Finance and Personnel; or

(b) by a company which is itself wholly owned by the Crown.

(4) References in this Part to assets and liabilities of Northern Ireland Electricity are references to all such assets and liabilities, whether or not capable of being transferred or assigned by Northern Ireland Electricity.

(5) It is hereby declared for the avoidance of doubt that any reference in this Part to assets and liabilities of Northern Ireland Electricity—

(a) in relation to assets which consist of property of Northern Ireland Electricity, is a reference to property whether situated in Northern Ireland or elsewhere; and

(b) in relation to assets which consist of other rights and to liabilities of Northern Ireland Electricity is a reference to rights to which Northern Ireland Electricity is entitled, or (as the case may be) liabilities to which Northern Ireland Electricity is subject, whether under the law of Northern Ireland or under the law of any country or territory outside Northern Ireland.