UK Infrastructure Bank Act 2023
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Change 1
3 Strategic priorities and plans
(1) The Treasury must prepare a statement of strategic priorities for the Bank. (2) The Treasury must comply with subsection (1) within the period of six months beginning with the day on which this Act comes into force. (3) The Treasury may revise or replace the statement. (4) The Treasury must lay a copy of the statement, or of any revised or replacement statement, before Parliament. (5) The Treasury must consult the appropriate national authority about any provision which the Treasury proposes to include in a statement under this section and which concerns a subject matter provision about which would be within the legislative competence of— (a) the Scottish Parliament, if contained in an Act of that Parliament, (b) Senedd Cymru, if contained in an Act of the Senedd, or (c) the Northern Ireland Assembly, if contained in an Act of that Assembly made without the Secretary of State’s consent. (6) The duty to consult imposed by subsection (5) may be satisfied by consultation carried out before the passing of this Act. (7) The Bank must secure that its articles of association provide for the Bank— (a) to publish and act in accordance with strategic plans which reflect the Treasury’s statement, and (b) to update those plans whenever the Treasury revises or replaces its statement.
3 Strategic priorities and plans
(1) The Treasury must prepare a statement of strategic priorities for the Bank. (2) The Treasury must comply with subsection (1) within the period of six months beginning with the day on which this Act comes into force. (3) The Treasury may revise or replace the statement. (4) The Treasury must lay a copy of the statement, or of any revised or replacement statement, before Parliament. (5) The Treasury must consult the appropriate national authority about any provision which the Treasury proposes to include in a statement under this section and which concerns a subject matter provision about which would be within the legislative competence of— (a) the Scottish Parliament, if contained in an Act of that Parliament, (b) Senedd Cymru, if contained in an Act of the Senedd, or (c) the Northern Ireland Assembly, if contained in an Act of that Assembly made without the Secretary of State’s consent. (6) The duty to consult imposed by subsection (5) may be satisfied by consultation carried out before the passing of this Act. (7) The Bank must secure that its articles of association provide for the Bank— (a) to publish and act in accordance with strategic plans which reflect the Treasury’s statement, and (b) to update those plans whenever the Treasury revises or replaces its statement.
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