Explanatory note

Section 1(1) of the British Steel Act 1988 provides that, on such day as the Secretary of State may by order appoint, all the property, rights and liabilities to which the British Steel Corporation was entitled or subject immediately before that day shall (subject to section 2(3) of the Act which extinguishes any liability of the Corporation to the Secretary of State in respect of the Corporation’s public dividend capital) become by virtue of section 1 of the Act property, rights and liabilities of a company nominated for the purposes of the section by the Secretary of State.

This Order appoints 5th September 1988 as the appointed day for the purposes of section 1(1) of the Act.

By virtue of section 17(3) of the Act all the provisions of the Act will come into force on the day appointed by this Order as the appointed day except sections 2, 15(1) and 17 (which came into force on the day on which the Act was passed) and Part II of Schedule 2, and section 16(3) so far as relating thereto (which will come into force on the dissolution of the British Steel Corporation).