http://www.legislation.gov.uk/ukpga/1986/44/section/56/2022-01-13Gas Act 1986An Act to provide for the appointment and functions of a Director General of Gas Supply and the establishment and functions of a Gas Consumers’ Council; to abolish the privilege conferred on the British Gas Corporation by section 29 of the Gas Act 1972; to make new provision with respect to the supply of gas through pipes and certain related matters; to provide for the vesting of the property, rights and liabilities of the British Gas Corporation in a company nominated by the Secretary of State and the subsequent dissolution of that Corporation; to make provision with respect to, and to information furnished in connection with, agreements relating to the initial supply of gas won under the authority of a petroleum production licence; and for connected purposes.1986-07-25texttext/xmlenStatute Law Database2024-10-30Expert Participation2022-01-13 Part II Transfer of Undertaking of Corporation Temporary restrictions on successor company’s borrowings <Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>561If articles of association of the successor company confer on the Secretary of State powers exercisable with the consent of the Treasury for, or in connection with, restricting the sums of money which may be borrowed or raised by the group during any period, those powers shall be exercisable in the national interest notwithstanding any rule of law and the provisions of any enactment.2For the purposes of this section any alteration of the articles of association of the successor company which—ahas the effect of conferring or extending any such power as is mentioned in subsection (1) above; andbis made at a time when that company has ceased to be wholly owned by the Crown,shall be disregarded.3In this section “group ” means the successor company and all of its subsidiaries taken together.Pt. II (ss. 49-61) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(b)
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<dc:description>An Act to provide for the appointment and functions of a Director General of Gas Supply and the establishment and functions of a Gas Consumers’ Council; to abolish the privilege conferred on the British Gas Corporation by section 29 of the Gas Act 1972; to make new provision with respect to the supply of gas through pipes and certain related matters; to provide for the vesting of the property, rights and liabilities of the British Gas Corporation in a company nominated by the Secretary of State and the subsequent dissolution of that Corporation; to make provision with respect to, and to information furnished in connection with, agreements relating to the initial supply of gas won under the authority of a petroleum production licence; and for connected purposes.</dc:description>
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<ukm:UnappliedEffect AffectedYear="1986" URI="http://www.legislation.gov.uk/id/effect/key-99ca7e31f154bd4eff2d4ef9dad5d05d" AffectingNumber="43" AffectingEffectsExtent="E+W+S" RequiresApplied="true" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingURI="http://www.legislation.gov.uk/id/ukpga/1992/43" AffectedNumber="44" AffectedExtent="E+W+S" EffectId="key-99ca7e31f154bd4eff2d4ef9dad5d05d" SuggestedCommentary="(as amended (1.3.1996) by 1995 c. 45, s. 10(1), Sch. 3 para. 10(1)(2)(a); S.I. 1996/218, art. 2 and (1.10.2001) by 2000 c. 27, s. 108, Sch. 6, Pt. I para. 7(a); S.I. 2001/3266, arts. 1(2), 2, Sch. (subject to arts. 3-20))" Row="35" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingYear="1992" Modified="2024-09-18T11:28:59Z" AffectingProvisions="s. 17" AffectedURI="http://www.legislation.gov.uk/id/ukpga/1986/44" Type="inserted" AffectedProvisions="s. 15A">
<ukm:AffectedTitle>Gas Act 1986</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section xmlns:err="http://www.legislation.gov.uk/namespaces/error" Ref="section-15A" URI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/15A" err:Ref="Section missing in legislation" Missing="true">s. 15A</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Competition and Service (Utilities) Act 1992</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-17" URI="http://www.legislation.gov.uk/id/ukpga/1992/43/section/17">s. 17</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-56-2" URI="http://www.legislation.gov.uk/id/ukpga/1992/43/section/56/2">s. 56(2)</ukm:Section>
</ukm:CommencementAuthority>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
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<ukm:Alternatives>
<ukm:Alternative Date="2008-10-27" URI="http://www.legislation.gov.uk/ukpga/1986/44/pdfs/ukpga_19860044_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="443"/>
<ukm:BodyParagraphs Value="187"/>
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<Primary>
<Body DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/body/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/body" NumberOfProvisions="187" RestrictExtent="E+W+S+N.I." RestrictStartDate="2022-01-13">
<Part DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/part/II/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/part/II" NumberOfProvisions="13" id="part-II" RestrictStartDate="2009-10-01">
<Number>
<CommentaryRef Ref="c14435791"/>
Part II
</Number>
<Title> Transfer of Undertaking of Corporation</Title>
<P1group RestrictExtent="E+W+S" RestrictStartDate="2009-10-01">
<Title>
Temporary restrictions on successor company’s borrowings
<Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56" id="section-56">
<Pnumber>56</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/1/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56/1" id="section-56-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>If articles of association of the successor company confer on the Secretary of State powers exercisable with the consent of the Treasury for, or in connection with, restricting the sums of money which may be borrowed or raised by the group during any period, those powers shall be exercisable in the national interest notwithstanding any rule of law and the provisions of any enactment.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/2/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56/2" id="section-56-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of this section any alteration of the articles of association of the successor company which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/2/a/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56/2/a" id="section-56-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>has the effect of conferring or extending any such power as is mentioned in subsection (1) above; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/2/b/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56/2/b" id="section-56-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is made at a time when that company has ceased to be wholly owned by the Crown,</Text>
</P3para>
</P3>
<Text>shall be disregarded.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1986/44/section/56/3/2022-01-13" IdURI="http://www.legislation.gov.uk/id/ukpga/1986/44/section/56/3" id="section-56-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-group">group </Term>
” means the successor company and all of its subsidiaries taken together.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c14435791" Type="C">
<Para>
<Text>
Pt. II (ss. 49-61) extended (15.12.2001) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/4011" id="c03696" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="4011">S.I. 2001/4011</Citation>
,
<CitationSubRef id="c03697" CitationRef="c03696" URI="http://www.legislation.gov.uk/id/uksi/2001/4011/article/12/1/b" Operative="true" SectionRef="article-12-1-b">art. 12(1)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
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