Statutory Instruments

1996 No. 2511

ATOMIC ENERGY AND RADIOACTIVE SUBSTANCES

The United Kingdom Atomic Energy Authority (Extinguishment of Liabilities) Order 1996

Made

2nd October 1996

Laid before Parliament

3rd October 1996

Coming into force

4th October 1996

Whereas:

(a)

a transfer scheme ("the Transfer Scheme"), made by the Authority on 7th March 1996 pursuant to section 1(1) of the Atomic Energy Authority Act 1995 ("the Act")(1) and modified by the Secretary of State by an instrument of modification dated 28th March 1996, came into force on 31st March 1996;

(b)

AEA Technology plc, being on 31st March 1996 a company wholly owned by the Crown, is by virtue of the Transfer Scheme a successor company within the meaning of the Act;

(c)

the Secretary of State has disposed of the ordinary shares held by him in AEA Technology plc; and

(d)

the aggregate amount of the liabilities extinguished by this Order does not exceed the aggregate of the sums mentioned in section 10(2)(a) and (b) of the Act; Now therefore, the Secretary of State, in exercise of the powers conferred by section 10(1) of the Act, and with the consent of the Treasury, hereby makes the following Order:-

Citation, commencement and interpretation

1.-(1) This Order may be cited as the United Kingdom Atomic Energy Authority (Extinguishment of Liabilities) Order 1996 and shall come into force on 4th October 1996.

(2) In this Order:

(a)"commencing capital debt" means the Authority's commencing capital debt under section 1 of the Atomic Energy Authority Act 1986(2) (of an amount specified by a notice given by the Secretary of State and dated 26th March 1986), which, by virtue of section 1(2) of that Act, is deemed to have been assumed by the Authority on 1st April 1986; and

(b)"loans" means relevant loans within section 10(12)(a) of the Atomic Energy Authority Act 1995.

Extinguishment of liabilities

2.-(1) The liabilities of the Authority in respect of the principal of the loans mentioned in paragraph (2) below are hereby extinguished.

(2) The loans referred to in paragraph (1) above are the loans of the amounts specified in column (1) of the Schedule hereto, which (except in the case of commencing capital debt) were respectively granted on the dates specified in column (2) of that Schedule, and in respect of which the amount (in respect of principal) which remains to be repaid immediately before the coming into force of this Order is respectively specified in column (3) of that Schedule.

Richard Page,

Parliamentary Under Secretary of State,

Department of Trade and Industry

27th September 1996

We consent,

Bowen Wells,

Patrick McLoughlin,

Two of the Lords Commissioners ofHer Majesty's Treasury

2nd October 1996

Article 2

THE SCHEDULE

(1)	(2)	(3)
Loan	Date of loan	Amount of liability in respect ofoutstanding principal
(£ million)		(£ million)
80	(Commencing capital debt)	40
15	23rd October 1992	6
10	31st March 1994	10
15	10th October 1994	15
15	28th September 1995	15
55	29th March 1996	55

Explanatory Note

(This note is not part of the Order)

This Order extinguishes the liabilities of the United Kingdom Atomic Energy Authority ("the Authority") in respect of the principal of certain loans comprising the Authority's commencing capital debt under section 1 of the Atomic Energy Authority Act 1986 and loans made to the Authority under section 4 of that Act.

The aggregate amount of the liabilities extinguished by this Order is less than the consideration in respect of the disposal of the ordinary shares held by the Secretary of State in AEA Technology plc, a successor company within the meaning of the Atomic Energy Authority Act 1995.

(1)

1995 c. 37.

(2)

1986 c. 3.