106 Extinguishment of certain liabilities of successor companies
Railways Act 1993 (1993 c 43) | Legislation

106  Extinguishment of certain liabilities of successor companies

(1)ÌýÌýÌýÌý The Secretary of State may by order extinguish all or any of the liabilities of a successor company which is for the time being—

(a)ÌýÌýÌýÌý a wholly owned subsidiary of the Board, or

(b)ÌýÌýÌýÌý wholly owned by the Crown,

in respect of the principal of such relevant loans as may be specified in the order; and the assets of the National Loans Fund shall accordingly be reduced by amounts corresponding to any liabilities so extinguished.

(2)ÌýÌýÌýÌý Where the Secretary of State has made an order under subsection (1) above and he considers it appropriate to do so, he may from time to time give a direction under this subsection to the company whose liabilities are extinguished by the order, or to a company or companies wholly owning the company whose liabilities are so extinguished; and a company to which such a direction is given shall, as a consequence of the making of the order, issue such securities

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