Policyholders Protection Act 1975 (repealed)
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Change 1
25 Application of surplus funds by the Board.
(1) If at any time the Treasury, after consultation with the Board, consider that the funds for the time being held by the Board exceed what is reasonably required for the purpose of exercising their functions under this Act, the Treasury may by order made by statutory instrument require the Board to distribute any of those funds appearing to the Treasury to be surplus to their requirements among authorised insurance companies carrying on business in the United Kingdom, in such manner and subject to such conditions as may be prescribed by the order. (2) An order made under this section may make different provision for different circumstances and may be varied or revoked by a subsequent order so made. (3) Any statutory instrument containing an order made under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.
25 Application of surplus funds by the Board.
(1) If at any time the Treasury, after consultation with the Board, consider that the funds for the time being held by the Board exceed what is reasonably required for the purpose of exercising their functions under this Act, the Treasury may by order made by statutory instrument require the Board to distribute any of those funds appearing to the Treasury to be surplus to their requirements among authorised insurance companies carrying on business in the United Kingdom, in such manner and subject to such conditions as may be prescribed by the order. (2) An order made under this section may make different provision for different circumstances and may be varied or revoked by a subsequent order so made. (3) Any statutory instrument containing an order made under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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