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(1)Section 166 of the Energy Act 2004 (indemnities) is amended as follows.
(2)After subsection (3) insert—
“(3AA)As soon as practicable after agreeing to indemnify persons under this section, the Secretary of State must lay a statement of the agreement before Parliament.”
(3)After subsection (6) insert—
“(6A)Where a sum has been paid out by the Secretary of State in consequence of an indemnity agreed to under this section, the Secretary of State must lay a statement relating to that sum before Parliament—
(a)as soon as practicable after the end of the financial year in which that sum is paid out; and
(b)(except where subsection (4) does not apply in the case of the sum) as soon as practicable after the end of each subsequent relevant financial year.
(6B)In relation to a sum paid out in consequence of an indemnity, a financial year is a relevant financial year for the purposes of subsection (6A) unless—
(a)before the beginning of that year, the whole of that sum has been repaid to the Secretary of State under subsection (4); and
(b)the company in question is not at any time during that year subject to liability to pay interest on amounts that became due under that subsection in respect of that sum.”
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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