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Changes over time for: Section 17E


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/10/2016.
Changes to legislation:
There are currently no known outstanding effects for the Petroleum Act 1998, Section 17E.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
17E Section 17D: supplemental.U.K.
[(1)For the purpose of considering an application under section 17D(8), the Director may by notice require the owner to provide him with accounting information and details of the main commercial terms of any significant transactions with associated undertakings.
(2)Owners of relevant facilities shall keep their internal accounts in such manner as will enable them to provide accounting information if required to do so by notice under subsection (1).
(3)The Director shall not disclose to any person information obtained under subsection (1) without the consent of the person by or on behalf of whom it was provided, unless he is required to do so by virtue of any obligation imposed on him by or under any enactment.
(4)Any reference in this section to a right to have gas or gas of any kind stored in a relevant facility includes a reference to a right to introduce into, or take out of, such a facility gas or gas of that kind.
(5)In section 17D “main commercial conditions” means—
(a)such information as would enable a potential applicant for a right to have gas stored in a relevant facility to make a reasonable assessment of the cost of, or the method of calculating the cost of, acquiring that right;
(b)the other significant terms on which such a right would be granted; and
(c)such other information as the Director may from time to time specify by notice.
(6)In this section—
“accounting information” means such accounting records as would be required by [section 386 of the Companies Act 2006] in respect of the storage activities undertaken by an owner of a relevant facility, if those activities were the only business undertaken by the owner and the owner were a person to whom that section applied; and
“significant transaction” means—
(a)
any transaction which relates to rights to have gas stored in a relevant facility; or
(b)
any other transaction which is of a description specified by the Director from time to time by notice.
(7)For the purposes of this section an undertaking is an associated undertaking of another undertaking if one of the undertakings has control of the other, or both undertakings are under the control of the same person or persons; and [sections 450 and 451(1) to (3) of the Corporation Tax Act 2010 ] shall apply with any necessary modifications for the purposes of this subsection as they apply for the purposes of [Part 10 ] of that Act.]
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