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The Electricity (Scottish Electricity Companies) (Target Investment Limits) Order 1991

S.I. 1991/2579 · Made 11 November 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

ELECTRICITY

Made 11th November 1991

Laid before Parliament 21st November 1991

Coming into force 12th December 1991

Whereas each company whose name is listed in column 1 of the Schedule to this Order, is an operating companyf1 for the purpose of Part II of the Electricity Act 1989f2;

And whereas each such company ceased to be wholly owned by the Crown on 18th June 1991 ;

And whereas the Government shareholding (as defined in section 74(1) of the said Act of 1989) in each such company at the time when this Order is made comprises shares in that company carrying the percentage specified against the name of the company in column 2 of that Schedule of the voting rights which are exerciseable in all circumstances at general meetings of the company ;

And whereas no previous order has been made fixing a target investment limit in relation to the Government shareholding (as defined as aforesaid) in any such company;

Now, therefore, the Secretary of State in exercise of the powers conferred by section 74(1) of the electricity Act 1989, and of all other powers enabling him in that behalf, and with the consent of the Treasury, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

See section 74(10) of the Electricity Act 1989, and the Electricity Act 1989 (Nominated Companies) (Scotland) Order 1989 (S.I. 1989/2448).

f2

1989 c. 29.

Contents

  1. 1Citation and commencement
  2. 2Target Investment Limits
  3. Signature
  4. Schedule Schedule
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Electricity (Scottish Electricity Companies) (Target Investment Limits) Order 1991 and shall come into force on 12th December 1991.

2Target Investment Limits

The target investment limit in relation to the Government shareholding (as defined in section 74(1) of the Electricity Act 1989) in each company whose name is listed in column 1 of the Schedule to this Order shall be the percentage against the name of that company in column 3 of that Schedule of the voting rights which are exercisable in all circumstances at general meetings of the company.

Signature

Ian Lang

One of Her Majesty’s Principal Secretaries of State

St. Andrew’s House,

Edinburgh

1st November 1991

Irvine Patnick

Nicholas Baker

Two of the Lords Commissioners of Her Majesty’s Treasury

11th November 1991

(1)(2)(3)
Name of companyPresent Government shareholdingTarget investment limit
Scottish Hydro-Electric plc3.44 per cent.3.69 per cent.
Scottish Power plc3.60 per cent.3.85 per cent.

Explanatory note

(This note is not part of the Order)

This Order fixes target investment limits for the Government shareholding in the privatised Scottish electricity companies (as those terms are used in Part II of the Electricity Act 1989). The limits are expressed as a proportion of the voting rights exercisable in all circumstances at general meetings of the companies. The Government shareholding must normally be kept within these limits.