Part 1The Civil Nuclear Industry
Chapter 2Transfers relating to nuclear undertakings
Transfer by scheme of property etc.
I139Transfers of publicly owned assets
1
A nuclear transfer scheme may provide for a transfer to—
a
a publicly owned company,
b
the NDA, or
c
a consenting person,
of property, rights and liabilities falling within subsection (2) that are set out in the scheme.
2
The property, rights and liabilities that may be transferred are—
a
securities of BNFL;
b
securities of a company falling within subsection (3);
c
property, rights and liabilities of BNFL or the UKAEA;
d
property, rights and liabilities of a company falling within subsection (3);
e
property, rights and liabilities of a wholly-owned subsidiary of BNFL, of the UKAEA or of a company falling within that subsection.
3
A company falls within this subsection if—
a
it is a nuclear company that is publicly owned; or
b
it is a company designated for the purposes of this section by an order made by the Secretary of State.
4
The Secretary of State may designate a company for the purposes of this section only if it is a publicly owned company to which—
a
securities of BNFL,
b
property, rights or liabilities of BNFL, or
c
property, rights or liabilities of a wholly-owned subsidiary of BNFL,
were transferred (whether in accordance with a nuclear transfer scheme or otherwise) at a time when both the company and BNFL were publicly owned.
5
The Secretary of State must lay a copy of every order under subsection (3) before Parliament.
6
Nothing in this section authorises—
a
a transfer of securities of BNFL, or
b
a transfer of property, rights or liabilities of BNFL or of a wholly-owned subsidiary of BNFL,
at a time when BNFL is no longer publicly owned.
7
Nothing in this section authorises—
a
a transfer of securities of a company designated for the purposes of this section, or
b
a transfer of property, rights or liabilities of such a company or of a wholly-owned subsidiary of such a company,
at a time when the company is no longer publicly owned.
8
Schedule 6 (which makes provision about the structure etc. of publicly owned companies to which transfers are made that are authorised by this section) has effect.
9
For the purposes of this section a person is a consenting person, in relation to a nuclear transfer scheme, if he has consented to the provisions of the scheme so far as they relate to him.