1(1)The provisions of this Part of this Schedule have effect as respects each person who is a public gas supplier immediately before the appointed day (in this Part of this Schedule referred to as “the public gas supplier”) for the purpose of securing that his authorisation under section 7 of the 1986 Act has effect on and after that day as if it were—U.K.
(a)a licence under that section (licensing of public gas transporters) granted to one of the persons mentioned in sub-paragraph (2) below;
(b)a licence under subsection (1) of section 7A of that Act (licensing of gas suppliers) granted to the other of those persons; and
(c)a licence under subsection (2) of that section (licensing of gas shippers) granted to the person mentioned in paragraph (b) above.
(2)The persons referred to in sub-paragraph (1) above are—
(a)the public gas supplier; and
(b)such one of his associates as may be nominated by him for the purposes of this sub-paragraph (in this Part of this Schedule referred to as the nominated associate).
(3)For the purposes of this paragraph a company is an associate of the public gas supplier if—
(a)the company is registered under the M1Companies Act 1985 and is limited by shares; and
(b)either the company is wholly owned by the supplier or the supplier is wholly owned by the company.