Financial Services Act 1986 (Electricity Industry Exemptions) Order 1990
| Jurisdiction | UK Non-devolved |
| Citation | SI 1990/1492 |
| Year | 1990 |
1990 No. 1492
FINANCIAL SERVICES
The Financial Services Act 1986 (Electricity Industry Exemptions) Order 1990
Made 24th July 1990
Laid before Parliament 24th July 1990
Coming into force 25th July 1990
The Secretary of State, in exercise of his powers under section 46 of the Financial Services Act 19861and of all other powers enabling him in that behalf, hereby makes the following Order:
Citation, commencement and interpretation
1.—(1) This Order may be cited as the Financial Services Act 1986 (Electricity Industry Exemptions) Order 1990 and shall come into force on 25th July 1990.
(2) In this Order, “the Act” means the Financial Services Act 1986.
Exemptions
2.—(1) The National Grid Holding plc, Electricity Association Limited, any body corporate connected with either of them, any company listed in Schedule 1 to the Electricity Act 1989 (Nominated Companies) (England and Wales) Order 19902and a relevant trustee shall each be an exempted person as respects any activities falling within paragraph 12 or 13 of Schedule 1 to the Act in which it engages for the purposes of enabling or facilitating transactions in shares or debentures (as defined in paragraph 20(4) of that Schedule) in or of an electricity successor company or a body corporate connected with an electricity successor company between or for the benefit of any of the persons mentioned in paragraph (2) below or the holding of such shares or debentures by or for the benefit of any such persons.
(2) The persons referred to in paragraph (1) of this article are—
(a)
(a) the bona fide employees or former employees of The National Grid Holding plc, Electricity Association Limited or any other body corporate in the same group (within the meaning of paragraph 30 of Schedule 1 to the Act) as either of them; and
(b)
(b) the wives, husbands, widows, widowers, or children (including, in Northern Ireland, adopted children) or step-children under the age of eighteen of such employees or former employees.
(3) For the purposes of this article—
(a)
(a) “electricity successor company” means a body corporate which is a successor company for the purposes of Part II of the Electricity Act 19893;
(b)
(b) “relevant trustee” means a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for the purposes mentioned in paragraph (1) by the Secretary of State or by, or by a body...
To continue reading
Request your trial