SCHEDULES

SCHEDULE 7Finances and accounts of transferee companies

Interpretation of Schedule

I11

1

In this Schedule—

  • “designated BNFL company” means a company designated for the purposes of this Schedule by an order made by the Secretary of State;

  • “transferee company” means a body corporate which is—

    1. a

      a body corporate to which a transfer has been made in accordance with a nuclear transfer scheme; but

    2. b

      not a subsidiary of the UKAEA;

  • “transferor”, in relation to a transfer scheme, means the person from whom property, rights and liabilities are transferred to a transferee company in accordance with the scheme.

2

The Secretary of State may designate a company for the purposes of this Schedule as a designated BNFL company only if, without being a subsidiary of the UKAEA, it is a publicly controlled company to which—

a

securities of BNFL or of a designated BNFL company,

b

property, rights or liabilities of BNFL or of a designated BNFL company, or

c

property, rights or liabilities of a wholly-owned subsidiary of BNFL or of a designated BNFL company,

were transferred (whether in accordance with a nuclear transfer scheme or otherwise) at a time when both the person from whom they were transferred and the company to which they were transferred were publicly controlled.

3

For the purposes of this Schedule a body corporate is wholly-owned by the Crown if it is a company limited by shares each of which is held on behalf of the Crown.

4

A share in a company is held on behalf of the Crown if, and only if, it is held by—

a

the Treasury;

b

a Minister of the Crown;

c

another company which is wholly-owned by the Crown; or

d

a nominee of a person falling within paragraphs (a) to (c).

5

An order designating a company for the purposes of this Schedule must be laid before Parliament.

6

References in this Schedule to a nuclear transfer scheme include references to any modification agreement (within the meaning of Schedule 5) relating to that scheme.

7

In this paragraph “company” F1means a company as defined in section 1(1) of the Companies Act 2006.