PART II U.K. REORGANISATION OF THE INDUSTRY

Modifications etc. (not altering text)

C1 Pt. II (ss. 65-95) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(a)

Provisions with respect to existing bodies E+W+S

87 Expenditure and receipts of Electricity Council. E+W+S

(1) The Electricity Council may, from time to time during its transitional period, require any of the successor companies in England and Wales to contribute such sums as the Council, with the consent of the Secretary of State, may determine towards meeting—

(a) any liabilities of the Council with respect to corporation tax (including liabilities to pay any sums by way of interest or penalty); and

(b) any expenses incurred by the Council in connection with the determination of any such liabilities.

(2) The following, namely—

(a) any sums received by the Electricity Council during its transitional period by way of refunds of corporation tax (including any sums so received by way of repayment supplement); and

(b) any sums received by the Council by way of contributions under subsection (1) above which are not required for meeting such liabilities and expenses as are mentioned in that subsection,

may be divided, in such proportions as the Council considers appropriate, between such of the successor companies in England and Wales as the Council thinks fit.