Statutory Instruments
ELECTRICITY
Made
1st March 1990
Laid before Parliament
9th March 1990
Coming into force
31st March 1990
The Secretary of State, in exercise of the powers conferred on him by section 80(1) of the Electricity Act 1989(1), and of all other powers enabling him in that behalf, hereby makes the following Order:
1. This Order may be cited as the Electricity Act 1989 (Scottish Nuclear Limited) Extinguishment of Loans Order 1990 and shall come into force on 31st March 1990 immediately after the vesting of property, rights and liabilities in successor companies effected by virtue of section 67(4) of the Electricity Act 1989.
2. Any liability of Scottish Nuclear Limited, being a successor company in Scotland wholly owned by the Crown, in respect of the principal of the relevant loans specified in the Schedule to this Order, being loans made from the National Loans Fund the liability to repay which vests in that company by virtue of section 67(4) of the Electricity Act 1989, is hereby extinguished.
Malcolm Rifkind
One of Her Majesty’s Principal Secretaries of State
St Andrew’s House,
Edinburgh
1st March 1990
Article 2
| Dated | Principal as at date of loan | Principal outstanding as at 31st March 1990 | Identification number |
|---|---|---|---|
| £ | £ | ||
| 16.11.82 | 8,000,000 | 5,760,000 | 02182 |
| 23.11.82 | 8,000,000 | 5,760,000 | 02382 |
| 20.12.82 | 8,000,000 | 5,760,000 | 02582 |
| 22.12.82 | 8,000,000 | 5,760,000 | 02782 |
| 16.05.83 | 4,000,000 | 2,960,000 | 00183 |
| 31.05.83 | 4,000,000 | 2,960,000 | 00383 |
| 20.06.83 | 8,000,000 | 6,080,000 | 00583 |
| 11.07.83 | 8,000,000 | 5,920,000 | 00783 |
| 20.07.83 | 8,000,000 | 5,920,000 | 00983 |
| 16.08.83 | 5,600,000 | 4,144,000 | 01183 |
| 19.08.83 | 4,000,000 | 2,960,000 | 01383 |
| 22.08.83 | 8,000,000 | 5,920,000 | 01583 |
| 30.08.83 | 4,000,000 | 2,960,000 | 01783 |
| 31.08.83 | 4,000,000 | 2,960,000 | 01983 |
| 07.09.83 | 4,000,000 | 2,960,000 | 02183 |
| 20.09.83 | 4,000,000 | 2,960,000 | 02383 |
| 27.09.83 | 4,000,000 | 2,960,000 | 02583 |
| 04.10.83 | 4,000,000 | 3,040,000 | 02783 |
| 18.10.83 | 8,000,000 | 6,080,000 | 02983 |
| 16.11.83 | 8,000,000 | 6,080,000 | 03183 |
| 05.12.83 | 8,000,000 | 5,920,000 | 03383 |
| 19.12.83 | 16,000,000 | 12,160,000 | 03583 |
| 09.01.84 | 8,000,000 | 6,080,000 | 00184 |
| 17.01.84 | 16,000,000 | 12,160,000 | 00384 |
| 16.11.87 | 70,000,000 | 56,000,000 | 00187 |
| 15.12.87 | 10,000,000 | 8,000,000 | 00287 |
| 18.12.87 | 25,000,000 | 20,000,000 | 00387 |
| 15.01.88 | 50,000,000 | 40,000,000 | 00487 |
| 29.01.88 | 20,000,000 | 16,000,000 | 00587 |
| 15.02.88 | 15,000,000 | 12,000,000 | 00687 |
| 16.02.88 | 50,000,000 | 40,000,000 | 00787 |
| 17.02.88 | 45,000,000 | 36,000,000 | 00887 |
| 15.07.88 | 30,000,000 | 25,500,000 | 00188 |
| 15.08.88 | 60,000,000 | 51,000,000 | 00288 |
| 20.09.88 | 10,000,000 | 8,500,000 | 00388 |
| 22.09.88 | 30,000,000 | 25,500,000 | 00488 |
| 15.11.88 | 40,000,000 | 36,000,000 | 00588 |
| 29.11.88 | 40,000,000 | 36,000,000 | 00688 |
| 13.12.88 | 40,000,000 | 36,000,000 | 00788 |
| 10.01.89 | 40,000,000 | 36,000,000 | 00888 |
| 24.01.89 | 40,000,000 | 36,000,000 | 00988 |
| 14.02.89 | 35,000,000 | 31,500,000 | 01088 |
| 15.02.89 | 35,000,000 | 31,500,000 | 01188 |
| 10.07.89 | 25,000,000 | 24,152,002 | 00189 ER |
| 10.07.89 | 20,000,000 | 19,192,487 | 00289 ER |
| 14.07.89 | 75,000,000 | 75,000,000 | 00289 M |
| 07.08.89 | 40,000,000 | 38,821,909 | 00389 ER |
| 07.08.89 | 13,500,000 | 13,500,000 | 00389 M |
| 07.08.89 | 12,500,000 | 12,500,000 | 00489 M |
| 15.08.89 | 50,000,000 | 47,500,000 | 00189 |
| 25.08.89 | 20,000,000 | 20,000,000 | 00489 ER |
| 29.08.89 | 20,000,000 | 20,000,000 | 00589 M |
| 15.09.89 | 60,000,000 | 60,000,000 | 00789 M |
| 15.09.89 | 30,000,000 | 30,000,000 | 00689 M |
| 15.09.89 | 95,000,000 | 95,000,000 | 00889 M |
| 11.10.89 | 40,000,000 | 40,000,000 | 00989 M |
| 18.10.89 | 40,000,000 | 40,000,000 | 01189 M |
| 25.10.89 | 40,000,000 | 40,000,000 | 01289 M |
| 06.11.89 | 50,000,000 | 50,000,000 | 00589 ER |
| 15.11.89 | 35,000,000 | 35,000,000 | 00289 |
| Total £1,368,390,398 |
(This Note is not part of the Order)
This Order extinguishes the liability of Scottish Nuclear Limited in respect of the principal of certain loans made from the National Loans Fund. The total liability extinguished is £1,368,390,398.
These loans were made to the South of Scotland Electricity Board. The liability to repay them is comprised in the property, rights and liabilities of the Board which on 31st March 1990, the appointed transfer date, vest under Section 67(4) of the Electricity Act 1989 in Scottish Nuclear Limited, one of the nominated successor companies, having been allocated to that company by a transfer scheme made under Section 67(1). The liability to repay the loans thus vests in Scottish Nuclear Limited so that the loans are “relevant loans” for the purposes of Section 80 of the Electricity Act 1989 and liability can be extinguished by order under that Section. The extinguishment is effected on 31st March 1990 immediately after vesting in Scottish Nuclear Limited.
The Electricity Act 1989 (Nominated Companies) (Scotland) Order 1989 (SI 1989/2448) nominated the successor companies. The Electricity Act 1989 (Transfer Date) (Scotland) Order 1990 (SI 1990/197) fixed the transfer date. The South of Scotland Electricity Board Transfer Scheme was made on 31st January 1990 and approved with modification by the Secretary of State on 27th February 1990.