Modifications etc. (not altering text)
C1Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)
(1)The Secretary of State may require a company—
(a)not to make investments of a specified class or description;
(b)to realise, before the expiration of a specified period (or such longer period as the Secretary of State may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.
(2)A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.
(3)A requirement under this section shall not apply to the assets of a company so far as their value exceeds—
(a)in the case of a company
[F1(i)whose head office is in an EFTA State, or
(ii)which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or
(iii)which is a Swiss general insurance company,]
the amount of the liabilities of the business carried on by the company in the United Kingdom;
(b)in any other case, the amount of the liabilities of the company;
that value and amount being determined in accordance with any applicable valuation regulations.
Textual Amendments
F1S. 38(3)(a)(i)(ii)(iii) substituted for words in s. 38(a) (1.7.1994) by S.I. 1994/1696, reg. 20
(1)The Secretary of State may require a company—
(a)not to make investments of a specified class or description;
(b)to realise, before the expiration of a specified period (or such longer period as the Secretary of State may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.
(2)A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.
(3)A requirement under this section shall not apply to the assets of a company so far as their value exceeds—
(a)in the case of a company
[F1(i)whose head office is in an EFTA State, or
(ii)which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or
(iii)which is a Swiss general insurance company,]
the amount of the liabilities of the business carried on by the company in the United Kingdom;
(b)in any other case, the amount of the liabilities of the company;
that value and amount being determined in accordance with any applicable valuation regulations.
Textual Amendments
F1S. 38(3)(a)(i)(ii)(iii) substituted for words in s. 38(a) (1.7.1994) by S.I. 1994/1696, reg. 20