(1)The Secretary of State may by notice designate a company as Great British Nuclear.
(2)A company may be designated under this section only if—
(a)it is limited by shares, and
(b)it is wholly owned by the Crown.
(3)A notice under subsection (1)—
(a)must specify the time from which the designation has effect, and
(b)must be published by the Secretary of State as soon as reasonably practicable after the notice is given.
(4)The designation of a company terminates—
(a)if it ceases to be wholly owned by the Crown, or
(b)if the Secretary of State revokes its designation by notice.
(5)A notice under subsection (4)(b)—
(a)must specify the time from which the revocation has effect, and
(b)must be published by the Secretary of State as soon as reasonably practicable after the notice is given.
(6)For the purposes of this section a company is wholly owned by the Crown if each share in the company is held by—
(a)a Minister of the Crown,
(b)the Nuclear Decommissioning Authority established by section 1 of the Energy Act 2004,
(c)the United Kingdom Atomic Energy Authority established by section 1 of the Atomic Energy Authority Act 1954,
(d)a company which is wholly owned by the Crown, or
(e)a nominee of a person falling within any of paragraphs (a) to (d).
(7)A company designated as Great British Nuclear under this section is exempt from the requirement in section 59 of the Companies Act 2006 (requirement as to use of “limited” in company name).
(8)In this section—
“company” means a company registered under the Companies Act 2006;
“Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975 (see section 8(1) of that Act).
Commencement Information
I1S. 317 in force at Royal Assent, see s. 334(2)(o)