The Water Reorganisation (Successor Companies) (Transfer of Loans) Order 1989

Made: 18th August 1989

Coming into force: 1st September 1989

The Secretary of State for Wales, as respects liabilities of the successor company nominated by him, and the Secretary of State for the Environment, as respects liabilities of the other successor companies, in exercise of the powers conferred on them by section 85(1) of the Water Act 1989[^f00001] and of all other powers enabling them in that behalf, and with the consent of the Treasury, hereby make the following Order:–

1

This Order may be cited as the Water Reorganisation (Successor Companies) (Transfer of Loans) Order 1989 and shall come into force on 1st September 1989.

2

Any liability of a successor company (being a company wholly owned by the Crown) in respect of the principal of any relevant loan shall on the coming into force of this Order or, if later, when control of that company passes to its nominated holding company, become the liability of that successor company’s nominated holding company.

Signed

Signed by authority of the Secretary of State

Ian Grist — Parliamentary Under Secretary of State, Welsh Office — 15th August 1989

Chris Patten — Secretary of State for the — Department of the Environment — 16th August 1989

We consent,

David Lightbown — Stephen Dorrell — Two of the Lords Commissioners of Her Majesty’s Treasury — 18th August 1989

Explanatory note

(This note is not part of the Order)

Schemes made under Schedule 2 to the Water Act 1989 vest in the companies which succeed the water authorities the liability to repay certain loans. This Order transfers to the companies nominated under section 83(1) of the 1989 Act as the holding companies of those successor companies such of those liabilities as relate to sums borrowed or treated as borrowed from the Secretary of State or the Public Works Loan Commissioners. The transfer takes effect on 1st September 1989 or, if later, at the time that control of the successor company passes to its nominated holding company.

Footnotes

[^f00001]: 1989 c. 15.