C2C1 PART II REORGANISATION OF THE INDUSTRY

Annotations:
Modifications etc. (not altering text)
C2

Pt. II: power to repeal conferred (E.W.S.) (8.5.2003) by Electricity (Miscellaneous Provisions) Act 2003 (c. 9), s. 2(2)

C1

Pt. II (ss. 65-95) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(a)

Finances of successor companies

77 Temporary restrictions on borrowings etc.

1

If articles of association of a 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.

2

For the purposes of this section an alteration of the articles of association of a successor company shall be disregarded if the alteration—

a

has the effect of conferring or extending any such power as is mentioned in subsection (1) above; and

b

is made at a time when that company has ceased to be wholly owned by the Crown.

3

In this section—

  • “group”, in relation to a company, means that company and all of its subsidiaries taken together;

  • “subsidiary” F1has the meaning given byF2section 1159 of the Companies Act 2006.