Paragraph 2A F1
In a case specified in paragraph 1(3) (special administration order in relation to existing appointee), a scheme under this Schedule may provide for a transfer under section 23(2) that is effected by—
the transfer of property, rights and liabilities from the existing appointee to a new appointee that is a wholly-owned subsidiary of the existing appointee, and
the subsequent transfer of securities in the new appointee to another company.
In a case specified in paragraph 1(3A) (special administration order in relation to a qualifying licensee) where the transferor is a qualifying water supply licensee, a scheme under this Schedule may provide for a transfer under section 23(2A) that is effected by—
the transfer of property, rights and liabilities from the transferor to a transferee that is a wholly-owned subsidiary of the transferor, and
the subsequent transfer of securities in the transferee to another company.
In a case where a transfer is effected or proposed to be effected as described in sub-paragraph (1) or (2), paragraph 2 has effect as if—
in sub-paragraphs (1) and (3) of paragraph 2, the references to the consent of the new appointee were references to the consent of the new owner;
in sub-paragraph (4), the persons whose consent is required included the new owner;
in sub-paragraph (7), the persons subject to the duty imposed by that sub-paragraph included the new owner.
Annotations
Textual amendments
- F1
Sch. 2 para. 2A and cross-heading inserted (23.2.2024) by The Water Industry Act 1991 (Amendment) Order 2024 (S.I. 2024/204), arts. 1(2), 5
Notes on Schedule 2
Modifications
- C1
Sch. 2: power to amend conferred (1.10.2010) by Flood and Water Management Act 2010 (c. 29), s. 49(3), Sch. 5 para. 5(2)-(4) (with s. 49(1)(6)); S.I. 2010/2169, art. 4, Sch.
- C2
Sch. 2 applied (with modifications) (28.6.2013) by The Water Industry (Specified Infrastructure Projects) (English Undertakers) Regulations 2013 (S.I. 2013/1582), reg. 1(1)(b), Sch. 1 para. 3(3)(a) (with reg. 1(1)(c))