Electricity Act 1957

25 Transfer of assets and liabilities of Central Authority

(1) There shall on the vesting date be transferred to the Electricity Council, by virtue of this Act and without further assurance, such property, rights, liabilities and obligations of the Central Authority as may, before the beginning of the period of two months ending with the vesting date, have been agreed in writing by the Electricity Council and the Generating Board.

(2) In default of any such agreement between the Electricity Council and the Generating Board, the Minister shall give directions specifying the property, rights, liabilities and obligations of the Central Authority which, in his opinion, are required to vest in the Electricity Council for the purpose of enabling that Council to perform their functions; and any property, rights, liabilities and obligations so specified shall, by virtue of this Act and without further assurance, be transferred to the Electricity Council on the vesting date.

(3) An agreement under subsection (1) of this section, and any directions under the last preceding subsection, shall not apply to any liability in respect of Exchequer advances made to the Central Authority; but as from the vesting date subsection (4) of section forty-two of the Finance Act, 1956 (which relates to the repayment of, and payment of interest on, advances made under that section) shall apply in relation to Exchequer advances made to the Central Authority as if they had been made to the Electricity Council, and the provisions of that section as to sums received under the said subsection (4) shall apply accordingly.

(4) All liabilities and obligations which immediately before the vesting date were liabilities and obligations of the Central Authority in respect of British Electricity Stock issued before that date shall, on that date, by virtue of this Act and without further assurance, be transferred to the Electricity Council.

(5) Subject to the preceding subsections, and to the following provisions of this Act, all property, rights, liabilities and obligations which immediately before the vesting date were property, rights, liabilities and obligations of the Central Authority shall, on that date, by virtue of this Act and without further assurance, be transferred to the Generating Board.

(6) In this and the next following section " obligation" includes any such customary obligation as is referred to in subsection (5) of section fifty-four of the principal Act (which relates to certain customary obligations in respect of pensions).