Search Legislation

The Enterprise and Regulatory Reform (Designation of the UK Green Investment Bank) Order 2013

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Statutory Instruments

2013 No. 2880

Enterprise

The Enterprise and Regulatory Reform (Designation of the UK Green Investment Bank) Order 2013

Made

6th November 2013

Coming into force in accordance with article 1

The Secretary of State makes the following Order in exercise of the powers conferred by section 2(1) of the Enterprise and Regulatory Reform Act 2013(1).

In accordance with section 2(2) of that Act the Secretary of State is satisfied that the UK Green Investment Bank’s objects in its articles of association are such that, acting consistently with them, it would engage only in activities that involve, or are incidental or conducive to, making, facilitating or encouraging investments that it considers likely to contribute to the achievement of one or more of the green purposes (whether in the United Kingdom or elsewhere).

In accordance with section 2(3) of that Act the Secretary of State is satisfied that the UK Green Investment Bank’s objects in its articles of association are such that, acting consistently with them, its activities in making, facilitating or encouraging investments in each relevant period would (taken as a whole) be such as the Bank considers likely to contribute to a reduction of global greenhouse gas emissions.

In accordance with section 2(5) of that Act the Secretary of State has laid before Parliament a copy of the operational independence undertaking provided by the Secretary of State to the UK Green Investment Bank for the purpose of facilitating the Bank’s ability to act as its directors consider appropriate in the light of the objects in its articles of association.

The UK Green Investment Bank is wholly owned by the Crown(2).

In accordance with section 2(8) of that Act, a draft of this Order has been laid before Parliament and approved by a resolution of each House of Parliament.

Citation and Commencement

1.  This Order may be cited as the Enterprise and Regulatory Reform (Designation of the UK Green Investment Bank) Order 2013 and shall come into force on the day after the day on which it is made.

The UK Green Investment Bank

2.  The UK Green Investment Bank is designated for the purposes of sections 3 to 6 of the Enterprise and Regulatory Reform Act 2013.

Michael Fallon

Minister of State for Business and Enterprise

Department for Business, Innovation and Skills

6th November 2013

EXPLANATORY NOTE

(This note is not part of the Order)

This Order designates the UK Green Investment Bank for the purposes of sections 3 to 6 of the Enterprise and Regulatory Reform Act 2013. Where the Bank is designated, section 3 of that Act limits the circumstances in which the Bank can alter its articles of association, section 4 makes provision for the Bank to receive financial assistance from the Secretary of State (with the consent of the Treasury) and sections 5 and 6 contain reporting and publication requirements relating to the Bank.

A full regulatory impact assessment has not been produced for this instrument as its effect is to designate the UK Green Investment Bank and no impact on the private or voluntary sectors is foreseen by the designation. A regulatory impact assessment was produced for Part 1 of the Enterprise and Regulatory Reform Act 2013. A copy of that impact assessment is available on the GOV.UK website (www.gov.uk) and was placed in the Libraries of both Houses of Parliament.

(2)

See section 2(6) of the Enterprise and Regulatory Reform Act 2013.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources