Insertion of new paragraph 2A5
After paragraph 2 insert—
Transfer schemes providing for transfer by hive down
2A
1
In a case specified in paragraph 1(3) (special administration order in relation to existing appointee), a scheme under this Schedule may provide for a transfer under section 23(2) that is effected by—
a
the transfer of property, rights and liabilities from the existing appointee to a new appointee that is a wholly-owned subsidiary of the existing appointee, and
b
the subsequent transfer of securities in the new appointee to another company.
2
In a case specified in paragraph 1(3A) (special administration order in relation to a qualifying licensee) where the transferor is a qualifying water supply licensee, a scheme under this Schedule may provide for a transfer under section 23(2A) that is effected by—
a
the transfer of property, rights and liabilities from the transferor to a transferee that is a wholly-owned subsidiary of the transferor, and
b
the subsequent transfer of securities in the transferee to another company.
3
In a case where a transfer is effected or proposed to be effected as described in sub-paragraph (1) or (2), paragraph 2 has effect as if—
a
in sub-paragraphs (1) and (3) of paragraph 2, the references to the consent of the new appointee were references to the consent of the new owner;
b
in sub-paragraph (4), the persons whose consent is required included the new owner;
c
in sub-paragraph (7), the persons subject to the duty imposed by that sub-paragraph included the new owner.