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Gas Act 1986
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- 1986 c. 44
- Part II
- Section 51
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Changes to legislation:
Gas Act 1986, Section 51 is up to date with all changes known to be in force on or before 05 December 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.
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Changes and effects yet to be applied to Section 51:
- s. 5(1)(ca) inserted by 2023 c. 52 s. 168(2)(b)
- s. 5(10A) inserted by 2023 c. 52 s. 168(2)(c)
- s. 15A inserted by 1992 c. 43 s. 17
- s. 23D(2)(d) and word inserted by 2013 c. 32 s. 138(4)(c)(iii)
- s. 36A(11) inserted by 2024 c. 13 Sch. 29 para. 8
- s. 41E(6)(d) and word inserted by 2013 c. 32 s. 138(4)(f)(ii)
- s. 41EB(7) inserted by 2024 c. 13 Sch. 30 para. 8(5)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 5(1)(ca) inserted by 2023 c. 52 s. 168(2)(b)
- s. 5(10A) inserted by 2023 c. 52 s. 168(2)(c)
- s. 15A inserted by 1992 c. 43 s. 17
- s. 23D(2)(d) and word inserted by 2013 c. 32 s. 138(4)(c)(iii)
- s. 36A(11) inserted by 2024 c. 13 Sch. 29 para. 8
- s. 41E(6)(d) and word inserted by 2013 c. 32 s. 138(4)(f)(ii)
- s. 41EB(7) inserted by 2024 c. 13 Sch. 30 para. 8(5)
51 Initial Government holding in the successor company.E+W+S
(1)As a consequence of the vesting in the successor company by virtue of section 49 above of property, rights and liabilities of the Corporation, the successor company shall issue such securities of the company as the Secretary of State may from time to time direct—
(a)to the Treasury or the Secretary of State; or
(b)to any person entitled to require the issue of the securities following their initial allotment to the Treasury or the Secretary of State.
(2)The Secretary of State shall not give a direction under subsection (1) above at a time when the successor company has ceased to be wholly owned by the Crown.
(3)Securities required to be issued in pursuance of this section shall be issued or allotted at such time or times and on such terms as the Secretary of State may direct.
(4)Shares issued in pursuance of this section—
(a)shall be of such nominal value as the Secretary of State may direct; and
(b)shall be issued as fully paid and treated for the purposes of [F1the Companies Act 2006] as if they had been paid up by virtue of the payment to the successor company of their nominal value in cash.
(5)The Secretary of State shall not exercise any power conferred on him by this section, or dispose of any securities issued or of any rights to securities initially allotted to him in pursuance of this section, without the consent of the Treasury.
(6)Any dividends or other sums received by the Treasury or the Secretary of State in right of or on the disposal of any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.
(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
Textual Amendments
F1Words in s. 51(4)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 70(4) (with art. 10)
F2Ss. 51(7), 52(5) repealed by Finance Act 1988 (c. 39, SIF 114), s. 148, Sch. 14 Pt. XI
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