SCHEDULES
SCHEDULE 5Special Administration
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I15
1
In section 23 of the Water Industry Act 1991 (special administration order) after subsection (2G) (inserted by paragraph 2 above) insert—
2H
A transfer under subsection (2) or (2A) may be effected by—
a
transferring all or part of the company's undertaking to a wholly-owned subsidiary of the company, and
b
then transferring securities in the subsidiary to another company.
2
The Secretary of State may by order amend Schedule 2 to the Water Industry Act 1991 in consequence of sub-paragraph (1).
3
An order under sub-paragraph (2) may not be made unless—
a
the Welsh Ministers have consented to the making of the order, and
b
a draft has been laid before and approved by resolution of each House of Parliament.
4
Amendments made by or under this paragraph apply to special administration orders made before or after the commencement of this section.