Section 4 Designation of counterpartyI1

United Kingdom

(1)

The Secretary of State may designate a company as the counterparty for revenue certainty contracts by giving it a notice under this subsection.

(2)

The company so designated is referred to in this Act as “the designated counterparty”.

(3)

A company may be designated under this section only if—

(a)

it is limited by shares, and

(b)

each share in the company is held by a Minister of the Crown.

(4)

A company may be designated under this section only if it consents to the designation.

(5)

The Secretary of State may revoke a designation under this section by giving a notice to the company designated.

(6)

If the designated counterparty gives the Secretary of State written notice withdrawing its consent to the designation, the Secretary of State must designate a replacement (but it remains the designated counterparty until replaced).

(7)

A notice under subsection (1) or (5)—

(a)

must specify when the designation or revocation takes effect, and

(b)

must be published by the Secretary of State.

(8)

The Secretary of State must ensure that, at all times after the first designation under this section takes effect, there is a designation that has effect.

Annotations

Commencement

I1: S. 4 in force at Royal Assent, see s. 19(1)