1991 No. 2579 (S. 203)
ELECTRICITY

The Electricity (Scottish Electricity Companies) (Target Investment Limits) Order 1991

Made
Laid before Parliament
Coming into force
Whereas each company whose name is listed in column 1 of the Schedule to this Order, is an operating company1 for the purpose of Part II of the Electricity Act 19892;

And whereas each such company ceased to be wholly owned by the Crown on 18th June 1991 ;

And whereas the Government shareholding (as defined in section 74(1) of the said Act of 1989) in each such company at the time when this Order is made comprises shares in that company carrying the percentage specified against the name of the company in column 2 of that Schedule of the voting rights which are exerciseable in all circumstances at general meetings of the company ;

And whereas no previous order has been made fixing a target investment limit in relation to the Government shareholding (as defined as aforesaid) in any such company;

Now, therefore, the Secretary of State in exercise of the powers conferred by section 74(1) of the electricity Act 1989, and of all other powers enabling him in that behalf, and with the consent of the Treasury, hereby makes the following Order:

Citation and commencement1.

This Order may be cited as the Electricity (Scottish Electricity Companies) (Target Investment Limits) Order 1991 and shall come into force on 12th December 1991.

Target Investment Limits2.

The target investment limit in relation to the Government shareholding (as defined in section 74(1) of the Electricity Act 1989) in each company whose name is listed in column 1 of the Schedule to this Order shall be the percentage against the name of that company in column 3 of that Schedule of the voting rights which are exercisable in all circumstances at general meetings of the company.

Ian Lang
One of Her Majesty’s Principal Secretaries of State

St. Andrew’s House,

Edinburgh

Irvine Patnick
Nicholas Baker
Two of the Lords Commissioners of Her Majesty’s Treasury

SCHEDULE

Article 2

(1)

(2)

(3)

Name of company

Present Government shareholding

Target investment limit

Scottish Hydro-Electric plc

3.44 per cent.

3.69 per cent.

Scottish Power plc

3.60 per cent.

3.85 per cent.

(This note is not part of the Order)

This Order fixes target investment limits for the Government shareholding in the privatised Scottish electricity companies (as those terms are used in Part II of the Electricity Act 1989). The limits are expressed as a proportion of the voting rights exercisable in all circumstances at general meetings of the companies. The Government shareholding must normally be kept within these limits.