Nuclear Energy (Financing) Act 2022
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Change 1
40 Decommissioning of nuclear sites: bodies corporate not “associated”
(1) In section 67 of the Energy Act 2008 (meaning of “associated” for the purposes of Chapter 1 of Part 3 of that Act), after subsection (7) insert— (8) This section is subject to section 67A. (2) After section 67 of that Act insert— 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.
40 Decommissioning of nuclear sites: bodies corporate not “associated”
(1) In section 67 of the Energy Act 2008 (meaning of “associated” for the purposes of Chapter 1 of Part 3 of that Act), after subsection (7) insert— (8) This section is subject to section 67A. (2) After section 67 of that Act insert— 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.
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