PART 8Other enterprise-related provisions

UK Green Investment Bank

38UK Green Investment Bank: transitional provision

1

The Secretary of State may not make regulations under section 44 appointing the day on which section 37 comes into force unless the Secretary of State has—

a

decided to make a disposal of shares held by the Crown in a UK Green Investment Bank company, and

b

laid before Parliament a report on the proposed disposal (or, if more than one, on each of them) which states—

i

the kind of disposal intended,

ii

the expected time-scale for the disposal, and

iii

the Secretary of State's objectives for the disposal.

2

In this section “UK Green Investment Bank company” means—

a

the public company limited by shares incorporated on 15 May 2012 with the company number SC424067 and with the name UK Green Investment Bank plc, or

b

a company that is or at any time has been in the same group as that company.

3

For the purposes of subsection (2) a company is to be regarded as being in the same “group” as another company, if, for the purposes of section 1161(5) of the Companies Act 2006, the company is a group undertaking in relation to that other company.