Section 25 Application of surplus funds by the Board.
United Kingdom
If at any time the F1Treasury, after consultation with the Board, F2consider that the funds for the time being held by the Board exceed what is reasonably required for the purpose of exercising their functions under this Act, F3the Treasury may by order made by statutory instrument require the Board to distribute any of those funds appearing to the Treasury to be surplus to their requirements among authorised insurance companies carrying on business in the United Kingdom, in such manner and subject to such conditions as may be prescribed by the order.
An order made under this section may make different provision for different circumstances and may be varied or revoked by a subsequent order so made.
Any statutory instrument containing an order made under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Annotations
Textual amendments
- F1
Words in s. 25(1) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 99 (with art. 7)
- F2
Word in s. 25(1) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 101(a) (with art. 7)
- F3
Words in s. 25(1) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 101(b) (with art. 7)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(a)
Act continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. I; S.I. 2001/3538, art. 1(2)