C1PART II REORGANISATION OF THE INDUSTRY
Annotations:
Modifications etc. (not altering text)
Miscellaneous
92 Abolition of central guarantee fund.
1
Immediately before the transfer date—
a
the central guarantee fund established under section 19 of the Electricity Act 1957 shall cease to exist; and
b
the sums standing to the credit of that fund shall be divided between the Generating Board and the Area Boards in the appropriate proportions.
2
In subsection (1) above “the appropriate proportions” means such proportions—
a
as may be agreed between the Generating Board and the Area Boards not less than four weeks before the transfer date; or
b
in default of such agreement, as the Secretary of State may determine.
Pt. II (ss. 65-95) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(a)