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(1)If so directed by the Secretary of State under section 2(1) of this Act, the United Kingdom Atomic Energy Authority (in this Act referred to as “the Authority”) shall make a scheme or schemes providing for the transfer to any person or persons of such property, rights and liabilities of the Authority as are specified in, or determined in accordance with, the scheme.
(2)In this Act a “transfer scheme” means a scheme made under subsection (1) above (including a scheme so made by virtue of section 2(3) of this Act).
(3)No transfer scheme may provide for the transfer of—
(a)a nuclear site licence (within the meaning of the M1Nuclear Installations Act 1965), or
(b)the fee simple estate in any land which, immediately before the day on which the scheme comes into force, consists of or is wholly or partly comprised in a site in respect of which such a licence held by the Authority is in force.
(4)The person or persons to whom anything is transferred by a transfer scheme may be or include one or more companies formed or acquired by the Authority or the Secretary of State for that purpose.
(5)Schedule 1 to this Act shall have effect with respect to transfer schemes.
(6)In the application of subsection (3)(b) above to Scotland, the reference to the fee simple estate shall be construed as a reference—
(a)in the case of feudal property, to the estate or interest of the proprietor of thedominium utile, or
(b)in the case of any property other than feudal property, to the estate or interest of the owner.
(1)The Secretary of State may from time to time direct the Authority to make, before a date specified in the direction, a transfer scheme which relates to such property, rights and liabilities as are specified in, or determined in accordance with, the direction and contains such other provisions as may be so specified.
(2)A transfer scheme shall not take effect unless it is approved by the Secretary of State and by the Treasury; and the Secretary of State may modify such a scheme before approving it.
(a)the Secretary of State decides not to approve a scheme that has been submitted to him by the Authority (either with or without modifications), or
(b)the Secretary of State has given a direction under subsection (1) above and the Authority have failed, before the date specified in the direction, to submit the scheme for the approval of the Secretary of State,
the Secretary of State may himself make a transfer scheme with the consent of the Treasury.
(4)Subsections (1) to (3) above shall have effect subject to section 1(3) of this Act.
(5)Subject to subsection (6) below, the Secretary of State shall not approve or make a transfer scheme containing any provision in accordance with which any person other than—
(a)a company which is wholly owned by the Crown, or
(b)a wholly-owned subsidiary of the Authority,
becomes entitled or subject to any property, rights and liabilities unless it appears to the Secretary of State that the person has consented to the provisions of the scheme so far as they relate to him.
(6)Subsection (5) above shall not require the consent of any person to so much of a transfer scheme as—
(a)relates to property, rights or liabilities to which that person is already entitled or subject, and
(b)appears to the Secretary of State to be made for purposes that are no more than supplemental or incidental to the other provisions of the scheme.
(a)declining to approve a transfer scheme, or
(b)modifying or making such a scheme,
the Secretary of State shall consult the Authority.
(8)The Secretary of State may—
(a)exercise his powers under this section,
(b)give any direction to the Authority under subsection (2) of section 3 of the M2 Atomic Energy Authority Act 1954 (general power of Secretary of State to give directions to the Authority) which in his opinion is appropriate for the purpose of facilitating—
(i)any transfer effected or proposed to be effected under section 1 of this Act, or
(ii)the disposal of securities of a successor company, and
(c)do anything else which in his opinion is appropriate for that purpose,
whether or not the exercise of those powers, the giving of that direction or the doing of that thing is consistent with promoting or controlling the development of atomic energy.
Without prejudice to any powers of the Authority apart from this section, the Authority shall have power to do anything which in their opinion is appropriate for the purpose of facilitating—
(a)any transfer effected or proposed to be effected under section 1 of this Act, or
(b)the disposal of securities of a successor company.
(1)The Authority may enter into any such agreement as they think fit for the purpose of accepting or imposing contractual obligations with respect to, or to anything connected with, the manner in which their powers by virtue of section 1 of this Act are to be exercised.
(2)The Secretary of State may enter into such agreement as he thinks fit with respect to, or to anything connected with, the manner and circumstances in which his powers under or by virtue of section 2 of this Act are to be exercised.
(3)Any agreement under this section may, in particular, provide for the making of payments to the Authority or the Secretary of State (by way of consideration or otherwise) in respect of anything transferred or created in accordance with a transfer scheme.
(4)The consent of the Treasury shall be required for the making of an agreement under this section ; and the consent of the Secretary of State shall also be required for the making by the Authority of an agreement under this section.
(5)Any sums received by the Secretary of State in pursuance of an agreement under this section shall be paid into the Consolidated Fund.
(1)It shall be the duty of the Authority to furnish the Secretary of State with all such information and other assistance as he may require for the purposes of, or in connection with—
(a)the exercise of any of his powers in relation to a transfer scheme or in relation to any agreement under section 4 of this Act, or
(b)the making by him of a transfer scheme or of any such agreement.
(2)The obligation of the Authority under this section shall include a duty to secure, as far as practicable, that their subsidiaries furnish all such information and assistance as the Secretary of State may require for the purposes of, or in connection with, the exercise of any such power, or the making of any such scheme or agreement, as is mentioned in subsection (1) above.
(3)A duty under this section to furnish information or assistance, or to secure that it is furnished, shall be performed within such period after the requirement giving rise to the duty as the Secretary of State may allow.
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