Section 38 Requirements about investments.C1
United Kingdom
The F1Treasury may require a company—
not to make investments of a specified class or description;
to realise, before the expiration of a specified period (or such longer period as the Treasury may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.
A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.
A requirement under this section shall not apply to the assets of a company so far as their value exceeds—
in the case of a company
whose head office is in an EFTA State, or
which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or
which is a Swiss general insurance company,
the amount of the liabilities of the business carried on by the company in the United Kingdom;
in any other case, the amount of the liabilities of the company;
that value and amount being determined in accordance with any applicable valuation regulations.
Annotations
Textual amendments
- F1
Words in s. 38 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 23 (with art. 7)
- F2
S. 38(3)(a)(i)(ii)(iii) substituted for words in s. 38(a) (1.7.1994) by S.I. 1994/1696, reg. 20
Modifications
- C1
S. 38: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 24
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Part II
Modifications
- C1
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)