The Electricity (Scottish Nuclear Limited) (Target Investment Limit) Order 1996

Statutory Instruments

1996 No. 3221 (S.243)

ELECTRICITY

The Electricity (Scottish Nuclear Limited) (Target Investment Limit) Order 1996

Made

17th December 1996

Laid before Parliament

23rd December 1996

Coming into force

14th January 1997

Whereas Scottish Nuclear Limited is an operating company(1) for the purpose of Part II of the Electricity Act 1989(2);

And whereas that company ceased to be wholly owned by the Crown on 15th July 1996;

And whereas, at the time when this Order is made, the Government shareholding (as defined in section 74(1) of the said Act of 1989) in that company of shares carrying ordinary voting rights is nil;

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

1.  This Order may be cited as the Electricity (Scottish Nuclear Limited) (Target Investment Limit) Order 1996 and shall come into force on 14th January 1997.

Target investment limit

2.  The target investment limit in relation to the Government shareholding (as defined in section 74(1) of the Electricity Act 1989) in Scottish Nuclear Limited shall be nil per cent. of the voting rights which are exercisable in all circumstances at general meetings of the company.

George Kynoch

Parliamentary Under Secretary of State

St Andrew’s House,

Edinburgh

17th December 1996

We consent,

Richard Ottaway

Roger Knapman

Two of the Lords Commissioners of Her Majesty’s Treasury

17th December 1996

Explanatory Note

(This note is not part of the Order)

This Order fixes the target investment limit for the Government shareholding in Scottish Nuclear Limited which is a privatised Scottish nuclear company (as that term is used in Part II of the Electricity Act 1989). Under that Act the limit must be expressed as a proportion of the voting rights exercisable in all circumstances at general meetings of the company. The Government shareholding must normally be kept within this limit. In this case the limit is fixed as nil.

(1)

See section 74(10) of the Electricity Act 1989 and the Electricity Act 1989 (Nominated Companies) (Scotland) Order 1989 (S.I. 1989/2448).

(2)

1989 c. 29.