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Gas Act 1986
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- UK Public General Acts
- 1986 c. 44
- Part II
- Section 49
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- 01/02/1991- Amendment
- 01/10/2009- Amendment
- 22/04/2011
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Gas Act 1986, Section 49 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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49 Vesting of property etc. of Corporation in a company nominated by the Secretary of State.U.K.
(1)On such day as the Secretary of State may by order appoint for the purposes of this section (in this Act referred to as “the transfer date ”), all the property, rights and liabilities to which the Corporation was entitled or subject immediately before that date shall (subject to section 50 below) become by virtue of this section property, rights and liabilities of a company nominated for the purposes of this section by the Secretary of State (in this Act referred to as “the successor company ”).
(2)The Secretary of State may, after consulting the Corporation, by order nominate for the purposes of this section any company formed and registered under the M1Companies Act 1985; but on the transfer date the company in question must be a company limited by shares which is wholly owned by the Crown.
(3)References in this Act to property, rights and liabilities of the Corporation are references to all such property, rights and liabilities, whether or not capable or not capable of being transferred or assigned by the Corporation.
(4)It is hereby declared for the avoidance of doubt that—
(a)any reference in this Act to property of the Corporation is a reference to property of the Corporation, whether situated in the United Kingdom or elsewhere; and
(b)any such reference to rights and liabilities of the Corporation is a reference to rights to which the Corporation is entitled, or (as the case may be) liabilities to which the Corporation is subject, whether under the law of the United Kingdom or of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.
(5)In the M2House of Commons Disqualification Act 1975 in Part III of Schedule 1 (other disqualifying offices) there shall be inserted (at the appropriate place) the following entry—
“Director of the successor company (within the meaning of the Gas Act 1986), being a director nominated or appointed by a Minister of the Crown or by a person acting on behalf of the Crown ”;
and the like insertion shall be made in Part III of Schedule 1 to the M3Northern Ireland Assembly Disqualification Act 1975.
Modifications etc. (not altering text)
C124.8.1986 appointed for the purposes of section 49(1) by S.I. 1986/1318
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