1Expenditure relating to British Energy p.l.c.

1

There may be paid out of money provided by Parliament any expenditure which the Secretary of State may, with the approval of the Treasury, incur with a view to or in connection with—

a

the provision by the Secretary of State of financial assistance to a British Energy company;

b

the acquisition by the Secretary of State or his nominee or by a Crown company of—

i

any securities of a British Energy company; or

ii

any part of the undertaking or assets of a British Energy company; or

c

the carrying on of any undertaking acquired as mentioned in paragraph (b)(ii) or any undertaking using assets so acquired.

2

In this section—

  • “British Energy company” means British Energy p.l.c. or a company which either is or immediately before the passing of this Act was a subsidiary of British Energy p.l.c. (within the meaning of F1the Companies Acts (see section 1159 of the Companies Act 2006));

  • “Crown company” means a company which is wholly owned by the Crown;

  • “financial assistance” includes assistance by way of grant or loan, by entering into a guarantee or by any other means (whether the assistance is given in pursuance of an agreement or otherwise); and

  • “securities” includes shares or stock, debentures or debenture stock, bonds and other securities of a company (whether or not constituting a charge on the assets of the company).

3

A company is wholly owned by the Crown for the purposes of this section at any time when none of the issued shares in the company is held otherwise than—

a

by the Secretary of State or a nominee of his; or

b

by a company which is itself wholly owned by the Crown.