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Electricity Act 1989
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Changes over time for: Section 71
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- 01/02/1991- Amendment
- 08/05/2003- Amendment
- 01/10/2009- Amendment
- 08/12/2014
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Electricity Act 1989, Section 71 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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71 Initial Government holding in the companies.E+W+S
(1)As a consequence of the vesting in a company nominated for the purposes of section 65(1), 66(1) or (2) or 67(1) above (in this Part referred to as a “successor company”) of any property, rights and liabilities, the company shall issue such securities of the company as the Secretary of State may from time to time direct—
(a)to the Treasury or the Secretary of State; or
(b)to any person entitled to require the issue of the securities following their initial allotment to the Treasury or the Secretary of State.
(2)The Secretary of State shall not give a direction under subsection (1) above in relation to a successor company at a time when the company has ceased to be wholly owned by the Crown.
(3)Securities required to be issued in pursuance of this section shall be issued or allotted at such time or times and on such terms as the Secretary of State may direct.
(4)Shares in a company which are issued in pursuance of this section—
(a)shall be of such nominal value as the Secretary of State may direct; and
(b)shall be issued as fully paid and treated for the purposes of [F1the Companies Act 2006] as if they had been paid up by virtue of the payment to the company of their nominal value in cash.
(5)The Secretary of State shall not exercise any power conferred on him by this section, or dispose of any securities issued or of any rights to securities initially allotted to him in pursuance of this section, without the consent of the Treasury.
(6)Any dividends or other sums received by the Treasury or the Secretary of State in right of or on the disposal of any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.
Textual Amendments
F1Words in s. 71(4)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 102(3) (with art. 10)
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