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(1)In this Act, unless the context otherwise requires—
“the Authority” means the United Kingdom Atomic Energy Authority;
“debentures” includes debenture stock;
“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
“shares” includes stock;
“subsidiary” and “wholly-owned subsidiary” have the same meaning as in the [1985 c. 6.] Companies Act 1985;
“successor company” means any company which, at a time when it is wholly owned by the Crown or is a wholly-owned subsidiary of the Authority, becomes entitled or subject, in accordance with a transfer scheme, to any property, rights or liabilities;
“transfer scheme” has the meaning given by section 1 of this Act.
(2)A company shall be regarded for the purposes of this Act as wholly owned by the Crown at any time when none of the issued shares in the company is held otherwise than by, or by a nominee of, the Treasury or the Secretary of State.
(3)A successor company shall be regarded for the purposes of this Act as publicly owned at any time when it—
(a)is wholly owned by the Crown, or
(b)is a wholly-owned subsidiary of the Authority.
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