Modifications etc. (not altering text)
C1Pt. II (ss. 84-116) excluded (retrospective to 5.11.1993) by 1994 c. 9, s. 252, Sch. 24 para. 4(1)
Pt. II (ss. 84-116) excluded (retrospective to 11.1.1994) by 1994 c. 9, s. 252, Sch. 24 para. 8(4)
Pt. II (ss. 84-116) excluded (retrospective to 5.11.1993) by 1994 c. 9, s. 252, Sch. 24 para. 17(2) (with s. 252(2))
(1)Subsection (2) below shall have effect for the purpose of applying paragraph 3(b) of Part IV of Schedule 1 to the M1Trustee Investments Act 1961 (which provides that shares and debentures of a company shall not count as wider-range and narrower-range investments respectively within the meaning of that Act unless the company has paid dividends in each of the five years immediately preceding that in which the investment is made) in relation to investment, during the first investment year or any following year, in shares or debentures of a licensed successor company—
(a)whose shares or debentures are included in the Official List, within the meaning of Part IV of the M2Financial Services Act 1986, in pursuance of that Part; and
(b)which, immediately before its shares or debentures were admitted to that Official List, was—
(i)a wholly owned subsidiary of the Board; or
(ii)a company wholly owned by the Crown.
(2)The licensed successor company shall be deemed to have paid a dividend as mentioned in the said paragraph 3(b)—
(a)in every year preceding the first investment year which is included in the relevant five years; and
(b)in the first investment year, if that year is included in the relevant five years and that company does not in fact pay such a dividend in that year.
(3)In this section—
“the first investment year”, in relation to a licensed successor company means the calendar year in which shares in that company are first issued in pursuance of section 98(2) above;
“licensed successor company” has the same meaning as it has in section 107 above;
“the relevant five years” means the five years immediately preceding the year in which the investment in question is made or proposed to be made.