SCHEDULES
SCHEDULE 5Special Administration
Financial assistance
I14
1
This paragraph amends sections 153 and 154 of the Water Industry Act 1991 (government financial assistance where special administration order made).
2
For section 153(1)(b) substitute—
b
offer indemnities in respect of liabilities or loss incurred or sustained in the course of functions under the order.
3
After section 153(1) insert—
1A
An indemnity under subsection (1)(b) may be offered to—
a
the special administrator,
b
an employee of the special administrator,
c
a member or employee of a firm of which the special administrator is or was a member or employee (or a successor of that firm),
d
a body corporate of which the special administrator is or was an employee, or
e
an officer, employee or member of a body corporate within paragraph (d).
4
In section 153(3) for “by Schedule 3 to this Act” substitute “
by or under section 23
”
.
5
After section 153(3) insert—
3A
Arrangements for a grant, loan or indemnity which are made while a special administration order is in force may continue to have effect after the order ceases to have effect.
6
In section 154(2) for “Immediately” substitute “
As soon as is reasonably practicable
”
.
7
In section 154(3) for “possible” substitute “
is reasonably practicable
”
.
8
In section 154(5) for “by Schedule 3 to this Act” substitute “
by or under section 23
”
.
9
This paragraph has effect in respect of special administration orders made whether before or after this section comes into force.