- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
21.—(1) For subsection (1) of section 39 of the 1982 Act (maintenance of assets in the United Kingdom) substitute—
“(1) The Secretary of State may require—
(a)in the case of a UK company, that assets of the company of a value which at any time is equal to the whole or a specified proportion of the amount of its EC liabilities shall be maintained in the European Community; and
(b)in the case of an insurance company which is not a UK company, that assets of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in the United Kingdom.”
(2) In subsection (2) of that section, for the words “as assets maintained in the United Kingdom” substitute—
“(a)in the case of a UK company, as assets maintained in the European Community; and
(b)in the case of an insurance company which is not a UK company, as assets maintained in the United Kingdom”.
(3) In subsection (3) of that section, for the words “domestic liabilities” substitute the words “EC or domestic liabilities”.
(4) For subsection (5) of that section substitute—
“(5) In this section—
(a)any reference to an EC liability is a reference to a liability of the business carried on by the company in the European Community; and
(b)any reference to a domestic liability is a reference to a liability of the business carried on by the company in the United Kingdom.”
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: