Section 10M Prohibition on the exercise of certain shareholder rights and rights of appointmentF1
A person must not exercise a shareholder right or a right of appointment if—
the right falls within subsection (2), (3), (4) or (5);
the relevant date in respect of the certified person mentioned in that subsection has been reached;
the exercise of the right would or might lead the certified person to discriminate in favour of the relevant producer or supplier mentioned in that subsection; and
the relevant producer or supplier is a person to whom subsection (6) applies.
A right falls within this subsection if—
it is a shareholder right;
it is held by a person who controls a person certified on the certification ground in section 10E(3); and
it is exercisable in relation to a relevant producer or supplier.
A right falls within this subsection if—
it is a shareholder right;
it is exercisable in relation to a person certified on the certification ground in section 10E(3); and
it is held by a person who controls a relevant producer or supplier.
A right falls within this subsection if—
it is a shareholder right;
the person who holds it appointed a senior officer of a person certified on the certification ground in section 10E(3);
the person appointed continues to hold that office; and
the right is exercisable in relation to an electricity undertaking which is a relevant producer or supplier.
A right falls within this subsection if—
it is a right to appoint a senior officer of a person certified on the certification ground in section 10E(3); and
the person who holds it has, within the immediately preceding period of 3 years, exercised a shareholder right in relation to an electricity undertaking which is a relevant producer or supplier.
This subsection applies to a person if, in order to carry out of some or all of the activity by virtue of which the person is a relevant producer or supplier, the person—
requires a licence under section 6 of this Act, section 7A of the Gas Act 1986 (licensing of gas suppliers and gas shippers) or section 3 of the Petroleum Act 1998 (licences to search and bore for and get petroleum); or
would require such a licence if carrying out the activity in Great Britain.
In this section—
“exercise” means exercise directly or indirectly, and “exercisable” is to be interpreted accordingly; and
“relevant date” means the relevant date for the purposes of section 10A(1) or (3).
Annotations
Textual amendments
- F1
Ss. 10A-10O and cross-heading inserted (10.11.2011) by The Electricity and Gas (Internal Markets) Regulations 2011 (S.I. 2011/2704), regs. 1(1), 5
Notes on Part I
Modifications
- C1
Pt. I modified (5.10.2004) by Energy Act 2004 (c. 20), ss. 184(12), 185(13), 198(2); S.I. 2004/2575, art. 2(1), Sch. 1
- C2
Pt. I modified (S.) (30.11.2005) by The Electricity from Non-Fossil Fuel Sources (Scotland) Saving Arrangements Order 2005 (S.S.I. 2005/549), arts. 1(1), 9
- C3
Pt. 1 excluded (30.12.2015) by The Port Talbot Steelworks Generating Station Order 2015 (S.I. 2015/1984), arts. 1, 7(2) (with art. 26)
- C4
Pt. I (ss. 1-64) applied (1.10.2001) by S.I. 2001/3264, regs. 4(2), 5(2)
- C5
Pt. I (ss. 1-64) amended (E.W.) (27.10.2000) by S.I. 2000/2727, art. 10
Pt. I (ss. 1-64) amended (7.11.2000) by 2000 c. 27, s. 105(1)(a); S.I. 2000/2974, art. 2, Sch. (subject to transitional provisions in arts. 3-12)
Pt. I (ss. 1-64) amended (E.W.) (1.10.2001) by S.I. 2000/2727, art. 10 (as substituted (1.10.2001) by S.I. 2001/3268, art. 2(13))