SCHEDULES

SCHEDULE 7 Transitional provisions and savings

Part I Separation of electricity supply and distribution

Interpretation

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In this Part of this Schedule—

  • “effective date” has the meaning given by paragraph 6(2);

  • “existing” in relation to an electricity licence, means in force immediately before the passing of this Act;

  • “the supplier” means the person who makes a transfer scheme;

  • “transferee” means the transferee under a transfer effected by paragraph 6;

  • “transfer scheme” means a scheme under paragraph 2.

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1

For the purposes of this Part of this Schedule a company is an associate of the supplier if—

a

the company is a wholly owned subsidiary of the supplier;

b

the supplier is a wholly owned subsidiary of the company; or

c

the company and the supplier are both wholly owned subsidiaries of another company;

and the company is registered under the M1Companies Act 1985 as a company limited by shares.

2

The references in sub-paragraph (2) to a wholly owned subsidiary shall be construed in accordance with section 736 of the Companies Act 1985.