Energy Act 2004

42 Transfer of Nuclear Liabilities Investment Portfolio

(1) A nuclear transfer scheme may provide for the transfer from BNFL to the Secretary of State of—

(a) the Nuclear Liabilities Investment Portfolio; or

(b) so much of that Portfolio as may be specified in the scheme.

(2) Nothing in this section authorises a transfer at a time when BNFL is no longer publicly owned.

(3) Where cash is transferred to the Secretary of State by a transfer authorised by this section, he must pay it into the Consolidated Fund.

(4) Where the Secretary of State receives—

(a) sums by way of income on property or rights transferred to him by a transfer authorised by this section, or

(b) sums in respect of the disposal of any such property or rights,

he must pay those sums into the Consolidated Fund.

(5) The Secretary of State must comply with every direction given to him by the Treasury with respect to—

(a) the disposal of property or rights transferred to him by a transfer authorised by this section; or

(b) the exercise of any other right attached to, or arising in respect of, such property;

and (in a case where there is no applicable direction) the Secretary of State must not dispose of or exercise any property or rights with respect to which he may be given a direction except with the consent of the Treasury.

(6) In this section “the Nuclear Liabilities Investment Portfolio” means property and rights to which BNFL is entitled and which appear to the Secretary of State, from BNFL’s published accounts, to represent assets held by BNFL for the purpose of being able to meet costs or liabilities for which the NDA has a financial responsibility under Chapter 1 of this Part.