PART XREORGANISATION OF THE INDUSTRY
The successor company
The successor company269.
(1)
The Department may by order nominate as the successor company for the purposes of this Part a company which—
(a)
is a company limited by shares F1(within the meaning of section 3 of the Companies Act 2006); and
(b)
is wholly owned by the Crown;
and references in this Part to “the successor company” are references to the company so nominated.
(2)
The successor company shall not—
(a)
be regarded as the servant or agent of the Crown;
(b)
have any status, immunity or privilege of the Crown,
and its property shall not be regarded as property of, or held on behalf of, the Crown.