PART XREORGANISATION OF THE INDUSTRY
The successor company
The successor company269
1
The Department may by order nominate as the successor company for the purposes of this Part a company which—
a
is a company limited by shares F1(within the meaning of section 3 of the Companies Act 2006); and
b
is wholly owned by the Crown;
and references in this Part to “the successor company” are references to the company so nominated.
2
The successor company shall not—
a
be regarded as the servant or agent of the Crown;
b
have any status, immunity or privilege of the Crown,
and its property shall not be regarded as property of, or held on behalf of, the Crown.