The Water Reorganisation (Nominated Holding Companies) (Extinguishment of Loans) Order 1989

• Citation: S.I. 1989/2018
• Sections: 3

Section 1

This Order may be cited as the Water Reorganisation (Nominated Holding Companies) (Extinguishment of Loans) Order 1989 and shall come into force on 15th November 1989.

Section 2

(1) Any liability of each nominated holding company (being a company wholly owned by the Crown) in respect of the principal of any transferred loan is hereby extinguished.

(2) Any liability of each successor company (being a company wholly owned by the Crown) under debentures issued in respect of any transferred loan in consequence of a direction under section 85(2) of the Water Act 1989 is hereby extinguished.

(3) In this article “transferred loan” means a loan the liability to repay the principal of which was transferred to a nominated holding company by the Water Reorganisation (Successor Companies) (Transfer of Loans) Order 1989«2.

Section 3

The Water Reorganisation (Successor Companies) (Transfer of Loans) Order 1989 is hereby revoked.