Electricity (Miscellaneous Provisions) Act 2003

1 Expenditure relating to British Energy p.l.c. E+W+S

(1) There may be paid out of money provided by Parliament any expenditure which the Secretary of State may, with the approval of the Treasury, incur with a view to or in connection with—

(a) the provision by the Secretary of State of financial assistance to a British Energy company;

(b) the acquisition by the Secretary of State or his nominee or by a Crown company of—

(i) any securities of a British Energy company; or

(ii) any part of the undertaking or assets of a British Energy company; or

(c) the carrying on of any undertaking acquired as mentioned in paragraph (b)(ii) or any undertaking using assets so acquired.

(2) In this section—

• “British Energy company” means British Energy p.l.c. or a company which either is or immediately before the passing of this Act was a subsidiary of British Energy p.l.c. (within the meaning of [F1 the Companies Acts (see section 1159 of the Companies Act 2006)]);

• “Crown company” means a company which is wholly owned by the Crown;

• “financial assistance” includes assistance by way of grant or loan, by entering into a guarantee or by any other means (whether the assistance is given in pursuance of an agreement or otherwise); and

• “securities” includes shares or stock, debentures or debenture stock, bonds and other securities of a company (whether or not constituting a charge on the assets of the company).

(3) A company is wholly owned by the Crown for the purposes of this section at any time when none of the issued shares in the company is held otherwise than—

(a) by the Secretary of State or a nominee of his; or

(b) by a company which is itself wholly owned by the Crown.

Textual Amendments

F1 Words in s. 1(2) substituted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 216 (with art. 10)