# Nuclear Energy (Financing) Act 2022, Section 40: Decommissioning of nuclear sites: bodies corporate not “associated”

Extent: E+W+N.I.

(1) In section 67 of the Energy Act 2008 (meaning of “associated” for the purposes of Chapter 1 of Part 3 of that Act), after subsection (7) insert—
“(8) This section is subject to section 67A.”
(2) After section 67 of that Act insert—
“Meaning of “associated”: supplementary
67A (1) In determining whether, by virtue of section 67, A has a significant interest in B, the following are to be disregarded—
(a) relevant share security rights that A holds in relation to B;
(b) subject to subsection (4), shares in B that are acquired by A in consequence of the exercise of relevant share security rights that A holds in relation to B;
(c) any power that A has, directly or indirectly, to secure that the affairs of B are conducted in accordance with A’s wishes by virtue of—
(i) relevant share security rights that A holds in relation to B,
(ii) arrangements that are designed to facilitate the exercise of relevant share security rights that A holds in relation to B, or
(iii) relevant asset security rights that A holds in relation to B, if A also holds relevant share security rights in relation to B.
(2) A holds “relevant share security rights” in relation to B if A holds—
(a) rights to enforce a security interest over shares in B,
(b) rights relating to enforcement of a security interest over shares in B, or
(c) rights that enable A to preserve the value of a security interest over shares in B.
(3) A holds “relevant asset security rights” in relation to B if A holds—
(a) rights to enforce a security interest over any of B’s assets,
(b) rights relating to enforcement of a security interest over any of B’s assets, or
(c) rights that enable A to preserve the value of a security interest over any of B’s assets.
(4) Subsection (1)(b) does not apply if the shares acquired by A are retained by A for a purpose other than that of preserving the value of the security interest in question or of realising it.
(5) In this section—
(a) a reference to “shares” includes a reference to rights attached to shares;
(b) a reference to A holding rights in relation to B includes a reference to—
(i) A holding those rights on trust for another person, and
(ii) A being the beneficiary of a trust of those rights;
(c) a reference to A acquiring shares in B includes a reference to—
(i) A acquiring shares in B to hold on trust for another person, and
(ii) another person acquiring shares in B to hold on trust for A;
(d) a reference to rights includes a reference to powers.”

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Source: https://www.legislation.gov.uk/ukpga/2022/15/section/40 (the official version)
Page: https://openlegislation.uk/nuclear-energy-financing-act-2022/section-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.