Part 3

Decommissioning of energy installations
Chapter 1

Nuclear sites: decommissioning and clean-up

General

Meaning of “associated”: supplementary
67A
1
In determining whether, by virtue of section 67, A has a significant interest in B, the following are to be disregarded—
a
relevant share security rights that A holds in relation to B;
b
subject to
subsection (4)
, shares in B that are acquired by A in consequence of the exercise of relevant share security rights that A holds in relation to B;
c
any power that A has, directly or indirectly, to secure that the affairs of B are conducted in accordance with A’s wishes by virtue of—
i
relevant share security rights that A holds in relation to B,
ii
arrangements that are designed to facilitate the exercise of relevant share security rights that A holds in relation to B, or
iii
relevant asset security rights that A holds in relation to B, if A also holds relevant share security rights in relation to B.
2
A holds “
relevant share security rights
” in relation to B if A holds—
a
rights to enforce a security interest over shares in B,
b
rights relating to enforcement of a security interest over shares in B, or
c
rights that enable A to preserve the value of a security interest over shares in B.
3
A holds “
relevant asset security rights
” in relation to B if A holds—
a
rights to enforce a security interest over any of B’s assets,
b
rights relating to enforcement of a security interest over any of B’s assets, or
c
rights that enable A to preserve the value of a security interest over any of B’s assets.
4
Subsection (1)
(b)
does not apply if the shares acquired by A are retained by A for a purpose other than that of preserving the value of the security interest in question or of realising it.
5
In this section—
a
a reference to “
shares
” includes a reference to rights attached to shares;
b
a reference to A holding rights in relation to B includes a reference to—
i
A holding those rights on trust for another person, and
ii
A being the beneficiary of a trust of those rights;
c
a reference to A acquiring shares in B includes a reference to—
i
A acquiring shares in B to hold on trust for another person, and
ii
another person acquiring shares in B to hold on trust for A;
d
a reference to rights includes a reference to powers.
S. 67A inserted (31.3.2022) by Nuclear Energy (Financing) Act 2022 (c. 15), ss. 40(2), 44(1)(d)