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Water Industry Act 1991, Paragraph 2A is up to date with all changes known to be in force on or before 22 August 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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[F12A.(1)In a case specified in paragraph 1(3) (special administration order in relation to existing appointee), a scheme under this Schedule may provide for a transfer under section 23(2) that is effected by—U.K.
(a)the transfer of property, rights and liabilities from the existing appointee to a new appointee that is a wholly-owned subsidiary of the existing appointee, and
(b)the subsequent transfer of securities in the new appointee to another company.
(2)In a case specified in paragraph 1(3A) (special administration order in relation to a qualifying licensee) where the transferor is a qualifying water supply licensee, a scheme under this Schedule may provide for a transfer under section 23(2A) that is effected by—
(a)the transfer of property, rights and liabilities from the transferor to a transferee that is a wholly-owned subsidiary of the transferor, and
(b)the subsequent transfer of securities in the transferee to another company.
(3)In a case where a transfer is effected or proposed to be effected as described in sub-paragraph (1) or (2), paragraph 2 has effect as if—
(a)in sub-paragraphs (1) and (3) of paragraph 2, the references to the consent of the new appointee were references to the consent of the new owner;
(b)in sub-paragraph (4), the persons whose consent is required included the new owner;
(c)in sub-paragraph (7), the persons subject to the duty imposed by that sub-paragraph included the new owner.]
Textual Amendments
F1Sch. 2 para. 2A and cross-heading inserted (23.2.2024) by The Water Industry Act 1991 (Amendment) Order 2024 (S.I. 2024/204), arts. 1(2), 5
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