5(1)In section 23 of the Water Industry Act 1991 (special administration order) after subsection (2G) (inserted by paragraph 2 above) insert—E+W
“(2H)A transfer under subsection (2) or (2A) may be effected by—
(a)transferring all or part of the company's undertaking to a wholly-owned subsidiary of the company, and
(b)then transferring securities in the subsidiary to another company.”
(2)The Secretary of State may by order amend Schedule 2 to the Water Industry Act 1991 in consequence of sub-paragraph (1).
(3)An order under sub-paragraph (2) may not be made unless—
(a)the Welsh Ministers have consented to the making of the order, and
(b)a draft has been laid before and approved by resolution of each House of Parliament.
(4)Amendments made by or under this paragraph apply to special administration orders made before or after the commencement of this section.
Commencement Information
I1Sch. 5 para. 5 in force at 1.10.2010 for specified purposes by S.I. 2010/2169, art. 4, Sch.
I2Sch. 5 para. 5 in force at 12.1.2024 in so far as not already in force by S.I. 2024/35, art. 2(b)