(1)The Secretary of State may not make regulations under section 44 appointing the day on which section 37 comes into force unless the Secretary of State has—
(a)decided to make a disposal of shares held by the Crown in a UK Green Investment Bank company, and
(b)laid before Parliament a report on the proposed disposal (or, if more than one, on each of them) which states—
(i)the kind of disposal intended,
(ii)the expected time-scale for the disposal, and
(iii)the Secretary of State's objectives for the disposal.
(2)In this section “UK Green Investment Bank company” means—
(a)the public company limited by shares incorporated on 15 May 2012 with the company number SC424067 and with the name UK Green Investment Bank plc, or
(b)a company that is or at any time has been in the same group as that company.
(3)For the purposes of subsection (2) a company is to be regarded as being in the same “group” as another company, if, for the purposes of section 1161(5) of the Companies Act 2006, the company is a group undertaking in relation to that other company.