Point in time view as at 01/08/2020.
Energy Act 2004, Cross Heading: Temporary restrictions on borrowing of transferee companies is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
7(1)This paragraph applies if the articles of association of a transferee company confer on a Minister of the Crown powers exercisable with the consent of the Treasury for, or in connection with, restricting the sums of money that may be borrowed or raised during any period by some or all of the members of the group to which that company belongs.U.K.
(2)Those powers shall be exercisable in the national interest notwithstanding any rule of law or the provisions of any enactment.
(3)For the purposes of this paragraph, an alteration of the articles of association of the company shall be disregarded if the alteration—
(a)has the effect of conferring or extending any power mentioned in sub-paragraph (1); and
(b)is made at a time when the company is not publicly owned.
(4)In this paragraph “group”, in relation to a company, means the following companies, taken together—
(a)that company;
(b)all of its subsidiaries;
(c)every company of which that company is a subsidiary; and
(d)every company not mentioned in the preceding paragraphs which is a subsidiary of a company falling within paragraph (c).
Commencement Information
I1Sch. 7 para. 7 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1
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