Electricity Act 1957

4 (1) In respect of British Electricity Stock issued before the vesting date, the Electricity Council shall prepare a scheme for determining, as between the Electricity Council, the Generating Board and the Area Boards, the shares in which the ultimate responsibility for meeting obligations in respect of that stock is to be borne, and for allocating to the Council, to the Generating Board, and to each of the Area Boards respectively, responsibility in respect of stock so issued in accordance with the shares determined under that scheme.

(2) In paragraph (b) of subsection (2) of section eighteen of this Act, the reference to the proportions in which responsibility was allocated in respect of the stock to be redeemed or converted shall be construed, where the stock to be redeemed or converted is stock issued before the vesting date, as a reference to the proportions in which responsibility for that stock was allocated under the preceding sub-paragraph.

(3) Subsection (3) of section eighteen of this Act shall apply in relation to stock for which responsibility is allocated under this paragraph as it applies in relation to stock for which responsibility is allocated in accordance with that section.