Part 3

Decommissioning of energy installations
Chapter 1

Nuclear sites: decommissioning and clean-up

General

Meaning of “associated”
67
1
For the purposes of this Chapter, one body corporate is associated with another if one of them has a significant interest in the other or a third body corporate has a significant interest in both of them; and subsections (2) to (5) set out the circumstances in which one body corporate (“A”) has a significant interest in another (“B”).
2
Where B is a company, A has a significant interest in B if A possesses or is entitled to acquire—
a
20% or more of the issued share capital of B,
b
such rights as would entitle A to exercise 20% or more of the votes exercisable in general meetings of B,
c
such part of the issued share capital of B as would entitle A to 20% or more of the amount distributed if the whole of the income of B were in fact distributed among the shareholders, or
d
such rights as would, in the event of the winding up of B or in any other circumstances, entitle it to receive 20% or more of the assets of B which would then be available for distribution among the shareholders.
3
Where B is a limited liability partnership, A has a significant interest in B if A—
a
holds 20% or more of the voting rights in B,
b
is a member of B and has a right to appoint or remove 20% or more of other members, or
c
is a member of B and controls alone, or pursuant to an agreement with other members, 20% or more of the voting rights in B.
4
In subsection (3)(a) and (c) the references to “voting rights” are to the rights conferred on members in respect of their interest in a limited liability partnership to vote on those matters which are to be decided on by a vote of the members of the limited liability partnership.
5
In any case, A has a significant interest in B if A has the power, directly or indirectly, to secure that the affairs of B are conducted in accordance with A's wishes.
6
In determining whether, by virtue of this section, A has a significant interest in B, A shall be taken to possess—
a
any rights and powers possessed by a person as nominee for A, and
b
any rights and powers possessed by a body corporate which A controls (including rights and powers which such a body corporate would be taken to possess by virtue of this paragraph).
7
In order to determine whether one body corporate controls another for the purposes of subsection (6)(b), subsections (2) to (5) and (6)(a) are to be applied, but as if—
a
for “has a significant interest in” in each place there were substituted “ controls ”, and
b
for “20%” in each place there were substituted “ 50% ”.
8
This section is subject to section 67A.
S. 67 in force at 6.4.2009 by S.I. 2009/45, art. 4(b)(i)
S. 67(8) inserted (31.3.2022) by Nuclear Energy (Financing) Act 2022 (c. 15), ss. 40(1), 44(1)(d)