Section 2 Successor company: transferI1

England, Wales and Scotland

(1)

All property, rights and liabilities to which the Horserace Totalisator Board was entitled or subject immediately before the appointed day shall on that day vest in the successor company by virtue of this section.

(2)

In this Part “the successor company” means a company which—

(a)

is nominated for the purposes of this section by the Secretary of State in writing before the appointed day, and

(b)

on the appointed day is—

(i)

a company formed and registered under F1the Companies Act 2006 as a company limited by shares, and

(ii)

wholly owned by the Crown.

Annotations

Textual amendments

F1: Words in s. 2(2)(b)(i) 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. 221(2) (with art. 10)

Commencement

I1: S. 2 in force at 25.2.2011 by S.I. 2011/462, art. 2