# The Hydrocarbons (Temporary Management Scheme) Regulations 2013, Regulation 21: Decommissioning accounts


(1) The Secretary of State may set up set up with a financial institution a decommissioning account in the name of—
(a) the restricted person; or
(b) the Secretary of State on behalf of the restricted person.
(2) A decommissioning account must be an interest bearing account.
(3) Subject to any early termination, during the management period the Secretary of State may pay from a decommissioning account any liability of the restricted person to decommission a restricted petroleum facility where that liability arises under—
(a) Part 4 of the Petroleum Act 1998; or
(b) a decommissioning contract.
(4) The Secretary of State may require a financial institution which holds a decommissioning account to provide statements of payments and receipts to the Secretary of State for such periods as the Secretary of State considers reasonable.
(5) Funds in a decommissioning account are, subject to the terms of any decommissioning contract, funds to which the restricted person is beneficially entitled.
(6) To the extent a restricted person is beneficially entitled to the funds in a decommissioning account, except for payments which may be made under paragraph (3), those funds are frozen funds.

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Source: https://www.legislation.gov.uk/uksi/2013/1329/regulation/21 (the official version)
Page: https://openlegislation.uk/hydrocarbons-temporary-management-scheme-regulations-2013/regulation-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.