LegalizeThe Electricity Act 1989 (Scottish Power plc) Extinguishment of Loans Order 1991
Made: 26th March 1991
Laid before Parliament: 8th April 1991
Coming into force: 29th April 1991
The Secretary of State, in exercise of the powers conferred on him by section 80(1) of the Electricity Act 1989[^f00001] and of all other powers enabling him in that behalf, hereby makes the following Order:
1
This Order may be cited as the Electricity Act 1989 (Scottish Power plc) Extinguishment of Loans Order 1991 and shall come into force on 29th April 1991.
2
Any liability of Scottish Power plc, being a successor company in Scotland wholly owned by the Crown, in respect of the principal of the relevant loans specified in the Schedule to this Order, being loans made from the National Loans Fund the liability to repay which vested in that company by virtue of section 67(4) of the Electricity Act 1989, is hereby extinguished.
SCHEDULE — Specified Loans
| Date | Principal as at date of loan | Principal outstanding as at 29th April 1991 | Identification number |
|---|---|---|---|
| 1966/67 | 23,500,000.00 | 940,000.00 | 00167 |
| 8,000,000.00 | 320,000.00 | 00267 | |
| 1967/68 | 4,250,000.00 | 340,000.00 | 00168 |
| 2,500,000.00 | 200,000.00 | 00268 | |
| 44,750,000.00 | 3,580,000.00 | 00368 | |
| 1968/69 | 1,500,000.00 | 150,000.00 | 00468 |
| 2,500,000.00 | 250,000.00 | 00568 | |
| 1,000,000.00 | 100,000.00 | 00668 | |
| 4,000,000.00 | 480,000.00 | 00169 | |
| 3,000,000.00 | 360,000.00 | 00269 | |
| 2,000,000.00 | 240,000.00 | 00369 | |
| 33,000,000.00 | 3,960,000.00 | 00469 | |
| 1,000,000.00 | 120,000.00 | 00569 | |
| 1969/70 | 11,500,000.00 | 1,610,000.00 | 00170 |
| 34,000,000.00 | 5,440,000.00 | 00270 | |
| 5,000,000.00 | 800,000.00 | 00370 | |
| 1970/71 | 7,500,000.00 | 1,350,000.00 | 00171 |
| 35,000,000.00 | 630,000.00 | 00271 | |
| 1,000,000.00 | 200,000.00 | 00371 | |
| 2,000,000.00 | 400,000.00 | 00471 | |
| 9,000,000.00 | 1,800,000.00 | 00571 | |
| 32,000,000.00 | 6,400,000.00 | 00671 | |
| 4,000,000.00 | 800,000.00 | 00771 | |
| 1971/72 | 10,000,000.00 | 2.200,000.00 | 00172 |
| 1,000,000.00 | 220,000.00 | 00272 | |
| 4,500,000.00 | 1,080,000.00 | 00372 | |
| 33,000,000.00 | 7,920,000.00 | 00472 | |
| 11,500,000.00 | 2,760,000.00 | 00572 | |
| 4,500,000.00 | 1,080,000.00 | 00672 | |
| 1972/73 | 8,000,000.00 | 2,080,000.00 | 00173 |
| 2,000,000.00 | 520,000.00 | 00273 | |
| 9,000,000.00 | 2,520,000.00 | 00373 | |
| 24,000,000.00 | 6,720,000.00 | 00473 | |
| 3,000,000.00 | 840,000.00 | 00573 | |
| 1973/74 | 2,500,000.00 | 750,000.00 | 00274 |
| 6,000,000.00 | 1,920,000.00 | 00374 | |
| 4,000,000.00 | 1,280,000.00 | 00474 | |
| 1974/75 | 22,000,000.00 | 7,480,000.00 | 00175 |
| 3,000,000.00 | 1,080,000.00 | 00275 | |
| 9,500,000.00 | 3,420,000.00 | 00375 | |
| 6,500,000.00 | 2,340,000,00 | 00475 | |
| 16.09.75 | 7,000,000.00 | 2,660,000.00 | 00176 |
| 16.10.75 | 5,000,000.00 | 2,000,000.00 | 00276 |
| 16.12.75 | 3,500,000.00 | 1,400,000.00 | 00376 |
| 19.01.76 | 13,000,000.00 | 5,200,000.00 | 00476 |
| 16.02.76 | 9,000,000.00 | 3,600,000.00 | 00576 |
| 15.08.79 | 8,000,000.00 | 4,320,000.00 | 00179 |
| 13.09.79 | 36,000,000.00 | 19,440,000.00 | 00379 |
| 26.09.79 | 2,400,000.00 | 1,296,000.00 | 00579 |
| 01.10.79 | 13,600,000.00 | 7,616,000.00 | 00779 |
| 04.10.79 | 2,400,000.00 | 1,344,000.00 | 00979 |
| 10.10.79 | 4,000,000.00 | 2,240,000.00 | 01179 |
| 16.10.79 | 15,200,000.00 | 8,512,000.00 | 01379 |
| 23.10.79 | 4,000,000.00 | 2,240,000.00 | 01579 |
| 16.09.81 | 32,000,000.00 | 19,840,000.00 | 00181 |
| 16.11.81 | 32,000,000.00 | 20,480,000.00 | 00381 |
| 27.11.81 | 40,000,000.00 | 25,600,000.00 | 00581 |
| 16.12.81 | 16,000,000.00 | 10,240,000.00 | 00781 |
| 31.12.81 | 68,000,000.00 | 43,520,000.00 | 00981 |
| 18.01.82 | 8,000,000.00 | 5,120,000.00 | 00182 |
| 15.02.82 | 4,000,000.00 | 2,560,000.00 | 00382 |
| 16.02.82 | 8,000,000.00 | 5,120,000.00 | 00582 |
| 16.08.82 | 16,000,000.00 | 10,560,000.00 | 00782 |
| 14.09.82 | 12,000,000.00 | 7,920,000.00 | 00982 |
| 21.09.82 | 4,000,000.00 | 2,640,000.00 | 01182 |
| 28.09.82 | 4,000,000.00 | 2,640,000.00 | 01382 |
| 05.10.82 | 4,000,000.00 | 2,720,000.00 | 01582 |
| 19.10.82 | 8,000,000.00 | 5,440,000.00 | 01782 |
| 15.11.82 | 28,000,000.00 | 19,040,000.00 | 01982 |
| 15.11.89 | 15,000,000.00 | 13,500,000.00 | 00289 |
| 15.02.90 | 48,000,000.00 | 43,200,000.00 | 00389 |
| 03.07.89 | 30,000,000.00 | 30,000,000.00 | 00189 M |
| 16.10.89 | 20,000,000.00 | 20,000,000.00 | 01089 M |
| 01.11.89 | 40,000,000.00 | 40,000,000.00 | 01389 M |
| 08.11.89 | 40,000,000.00 | 40,000,000.00 | 01489 M |
| TOTAL | 508,688.000.00 |
Signed
lan Lang — One of Her Majesty’s Principal Secretaries of State — 26th March 1991
Explanatory note
(This note is not part of the Order)
This Order extinguishes the liability of Scottish Power plc in respect of the principal of loans made from the National Loans Fund. The total liability extinguished is £508,688,000.00.
These loans were made to the South of Scotland Electricity Board (“SSEB”). The liability to repay them is comprised in the property, rights and liabilities of the SSEB which on 31st March 1990, the appointed transfer date, vested under section 67(4) of the Electricity Act 1989 in Scottish Power plc, one of the nominated successor companies, having been allocated to that company by a transfer scheme under section 67(1). The liability to repay the loans thus vested in Scottish Power plc so that the loans are “relevant loans” for the purposes of section 80 of the Electricity Act 1989 and liability can he extinguished by Order under that section. The extinguishment is effected on 29th April 1991.
The Electricity Act 1989 (Nominated Companies) (Scotland) Order 1989 (S.I. 1989/2448) nominated the successor companies. The Electricity Act 1989 (Transfer Date) (Scotland) Order 1990 (S.I. 1990/197) fixed the transfer date. The SSEB Transfer Scheme was made on 31st January 1990 and approved with modification by the Secretary of State on 28th February 1990.
Footnotes
[^f00001]: 1989 c. 29.
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