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Crown Agents Act 1995

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This is the original version (as it was originally enacted).

1Vesting of property, &c. of Crown Agents in a successor company

(1)On such day as the Secretary of State may by order appoint all property, rights and liabilities to which the Crown Agents for Oversea Governments and Administrations (referred to in this Act as “the Crown Agents”) were entitled or subject immediately before that day shall become by virtue of this section property, rights and liabilities of a company nominated for the purposes of this section by the Secretary of State.

References in this Act to the appointed day and to the successor company are to the day so appointed and the company so nominated.

(2)The Secretary of State may, after consulting the Crown Agents, by order nominate for the purposes of this section any company formed and registered under the [1985 c. 6.] Companies Act 1985; but on the appointed day the company in question must be a company limited by shares which is wholly owned by the Crown.

(3)References in this Act to property, rights and liabilities of the Crown Agents shall be construed as follows—

(a)the references are to all property, rights and liabilities of the Crown Agents, whether or not capable of being transferred or assigned by them;

(b)references to property are to property of the Crown Agents whether situated in the United Kingdom or elsewhere; and

(c)references to rights or liabilities of the Crown Agents are to rights or liabilities under the law of the United Kingdom or of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.

(4)An order appointing a day under subsection (1) or nominating a company for the purposes of this section may be varied or revoked by a subsequent order at any time before any property, rights or liabilities of the Crown Agents vest in a company by virtue of this section.

(5)Schedule 1 has effect for the purpose of supplementing the provisions of this section.

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