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Electricity Act 1989

Status:

This is the original version (as it was originally enacted).

91Electricity Stock

(1)On the transfer date all the rights and liabilities —

(a)to which the Electricity Council was entitled or subject immediately before that date under the terms of issue of British Electricity Stock; or

(b)to which the North of Scotland Hydro-Electric Board was entitled or subject immediately before that date under the terms of issue of North of Scotland Electricity Stock,

shall become by virtue of this section rights and liabilities of the Treasury.

(2)Before the transfer date there shall be paid to the Bank of England—

(a)by the Electricity Council, out of the central guarantee fund maintained under section 19 of the [1957 c. 48.] Electricity Act 1957, a sum equal to the amounts accruing in respect of unclaimed interest or redemption money on British Electricity Stock before that date; and

(b)by the North of Scotland Hydro-Electric Board, a sum equal to the amounts accruing in respect of unclaimed interest or redemption money on North of Scotland Electricity Stock before that date,

but excluding (in either case) any amounts represented by money in the hands of the Bank of England.

(3)The Bank of England shall deal with—

(a)money paid to them under subsection (2) above; and

(b)money already in their hands which represents such unclaimed interest or redemption money as is mentioned in that subsection,

as money entrusted to them for payment to holders of the Stock concerned and section 5 of the [1955 c. 6.] Miscellaneous Financial Provisions Act 1955 (which relates to unclaimed dividends etc. on Government Stock) shall apply accordingly.

(4)In this section—

  • “British Electricity Stock” means any stock created and issued under section 16(1) of the [1957 c. 48.] Electricity Act 1957 or under section 40 of the [1947 c. 54.] Electricity Act 1947;

  • “North of Scotland Electricity Stock” means any stock created and issued under section 13 of the [1943 c. 32.] Hydro-Electric Development (Scotland) Act 1943.

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