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Enterprise and Regulatory Reform Act 2013

Changes over time for: PART 1

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Point in time view as at 18/08/2017.

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Enterprise and Regulatory Reform Act 2013, PART 1 is up to date with all changes known to be in force on or before 28 November 2024. 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. Help about Changes to Legislation

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PART 1U.K.UK Green Investment Bank

F11The green purposesU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 1 omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(2)(a), 44(5) (with s. 38); S.I. 2017/842, reg. 2

2[F2Interpretation]U.K.

F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9)References in this Part to the UK Green Investment Bank are to the public company limited by shares incorporated on 15 May 2012 with the company number SC424067 and with the name UK Green Investment Bank plc.

[F4(10)In this Part “UK Green Investment Bank company” means—

(a)the UK Green Investment Bank, or

(b)a company that is or at any time has been in the same group as the Bank.

(11)For the purposes of subsection (10) a company is to be regarded as being in the same “group” as the UK Green Investment Bank, if, for the purposes of section 1161(5) of the Companies Act 2006, the company is a group undertaking in relation to the UK Green Investment Bank.]

Textual Amendments

F2S. 2 heading substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(3)(a), 44(5) (with s. 38); S.I. 2017/842, reg. 2

Commencement Information

I1S. 2 wholly in force at 25.6.2013; s. 2 in force for specified purposes at Royal Assent and otherwise in force at 25.6.2013, see s. 103(1)(i)(2)(a)

F53Alteration of the objects of the UK Green Investment BankU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5S. 3 omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(2)(b), 44(5) (with s. 38); S.I. 2017/842, reg. 2

4Financial assistanceU.K.

(1)F6... the Secretary of State may, with the consent of the Treasury, give [F7a UK Green Investment Bank company] financial assistance at any time when the [F8Crown holds shares in it or another UK Green Investment Bank company].

(2)The financial assistance may be given in any form that the Secretary of State, with the consent of the Treasury, considers appropriate.

(3)It may in particular be given by way of—

(a)grants,

(b)loans,

(c)guarantees,

(d)the purchase of share capital of [F9the company], or

(e)the transfer of assets or rights to [F10the company].

(4)The financial assistance may be provided subject to such terms and conditions as the Secretary of State, with the consent of the Treasury, considers appropriate (including, in the case of a grant or a loan, conditions requiring repayment or, in the case of a guarantee, conditions requiring reimbursement of any sums paid under it).

F11(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)Nothing in this section affects the exercise of any power of the Treasury or the Secretary of State to give financial assistance to [F12a UK Green Investment Bank company] otherwise than under this section at a time when the [F13Crown does not hold shares in it or another UK Green Investment Bank company].

Textual Amendments

F6Words in s. 4(1) omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(4)(a)(i), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F7Words in s. 4(1) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(a)(ii), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F8Words in s. 4(1) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(a)(iii), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F9Words in s. 4(3)(d) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(b), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F10Words in s. 4(3)(e) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(b), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F11S. 4(5) omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(4)(c), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F12Words in s. 4(6) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(d)(i), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F13Words in s. 4(6) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(4)(d)(ii), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F145Accounts, reports and payments to directorsU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14S. 5 omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(2)(c), 44(5) (with s. 38); S.I. 2017/842, reg. 2

6Documents to be laid before ParliamentU.K.

(1)Subsection (2) applies if—

(a)F15... copies of the UK Green Investment Bank's annual accounts and reports are, in accordance with section 437 of the Companies Act 2006, laid before it in general meeting, and

(b)as at the date of the meeting, the Crown holds shares in [F16a UK Green Investment Bank company].

(2)The Secretary of State must, as soon as practicable after the meeting, lay a copy of the annual accounts and reports before Parliament.

F17(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15Words in s. 6(1)(a) omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(5)(a), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F16Words in s. 6(1)(b) substituted (18.8.2017) by Enterprise Act 2016 (c. 12), ss. 37(5)(b), 44(5) (with s. 38); S.I. 2017/842, reg. 2

F17S. 6(3)(4) omitted (18.8.2017) by virtue of Enterprise Act 2016 (c. 12), ss. 37(5)(c), 44(5) (with s. 38); S.I. 2017/842, reg. 2

[F186AReport on disposal of Crown's shares in UK Green Investment Bank companyU.K.

(1)As soon as reasonably practicable after a disposal of shares held by the Crown in a UK Green Investment Bank company the Secretary of State must lay before Parliament a report on the disposal.

(2)The report—

(a)must state—

(i)the kind of disposal, and

(ii)the proportion of the company's share capital retained by the Crown (or that none has been retained); and

(b)must include—

(i)an assessment of how the Secretary of State's objectives for the disposal have been achieved, and

(ii)where the Crown still holds one or more shares in a UK Green Investment Bank company, details of the Secretary of State's intentions as to the Crown's future role and interest in such companies.

(3)The Secretary of State must give a copy of the report to—

(a)the Scottish Ministers,

(b)the Welsh Ministers, and

(c)the Office of the First Minister and deputy First Minister in Northern Ireland.

(4)Subsection (3) applies to a report as described in section 38 of the Enterprise Act 2016 as well as to a report under this section.]

Textual Amendments

Yn ôl i’r brig

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