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Whitehaven Harbour Act 2007
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- 2007 c. i
- Section 6
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6Transfer of obligations, etc. to Commissioners
(1)Subject to section 10 (for protection of Big Lottery Fund) of this Act and to subsection (2) below, all debts and obligations of the Whitehaven companies shall on the operative day be transferred and attached to the Commissioners and shall thereafter be discharged and satisfied by the Commissioners.
(2)This section shall not apply to any debenture or legal charge created by any one of the Whitehaven companies over any project assets of the company in question for the benefit of the Big Lottery Fund and on the operative day any such debenture or legal charge shall be discharged and cease to have any effect and the project assets in question shall on and from that day be held by the Commissioners free from any liability formerly arising under any such debenture or legal charge.
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