Paragraph 1 I1

United Kingdom

(1)

In this Schedule—

“designated BNFL company” means a company designated for the purposes of this Schedule by an order made by the Secretary of State;
“transferee company” means a body corporate which is—
1. (a)
  a body corporate to which a transfer has been made in accordance with a nuclear transfer scheme; but
2. (b)
  not a subsidiary of the UKAEA;
“transferor”, in relation to a transfer scheme, means the person from whom property, rights and liabilities are transferred to a transferee company in accordance with the scheme.

(2)

The Secretary of State may designate a company for the purposes of this Schedule as a designated BNFL company only if, without being a subsidiary of the UKAEA, it is a publicly controlled company to which—

(a)

securities of BNFL or of a designated BNFL company,

(b)

property, rights or liabilities of BNFL or of a designated BNFL company, or

(c)

property, rights or liabilities of a wholly-owned subsidiary of BNFL or of a designated BNFL company,

were transferred (whether in accordance with a nuclear transfer scheme or otherwise) at a time when both the person from whom they were transferred and the company to which they were transferred were publicly controlled.

(3)

For the purposes of this Schedule a body corporate is wholly-owned by the Crown if it is a company limited by shares each of which is held on behalf of the Crown.

(4)

A share in a company is held on behalf of the Crown if, and only if, it is held by—

(a)

the Treasury;

(b)

a Minister of the Crown;

(c)

another company which is wholly-owned by the Crown; or

(d)

a nominee of a person falling within paragraphs (a) to (c).

(5)

An order designating a company for the purposes of this Schedule must be laid before Parliament.

(6)

References in this Schedule to a nuclear transfer scheme include references to any modification agreement (within the meaning of Schedule 5) relating to that scheme.

(7)

In this paragraph “company” F1means a company as defined in section 1(1) of the Companies Act 2006.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 1(7) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 220(9) (with art. 10)

Commencement

I1: Sch. 7 para. 1 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1