Markets in Financial Instruments and Miscellaneous Provisions Act 2007
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Amendments to Insurance (Miscellaneous Provisions) Act 1985. |
12.— The Insurance (Miscellaneous Provisions) Act 1985 is amended— | |
(a) by inserting the following before section 4: | ||
“Minister’s discretion to wind up Company. | ||
3A.— (1) If the Minister thinks fit, the Minister may arrange for and require— | ||
(a) that the shares held by the Company in Icarom plc (under administration) be transferred to the Minister, and | ||
(b) the winding up in accordance with the Companies Acts 1963 to 2006 of the Company. | ||
(2) Shares transferred to the Minister under subsection (1) vest in the Minister. | ||
(3) Any assets of the Company remaining after the winding up of the Company shall be paid into or disposed of for the benefit of the Exchequer.”; | ||
and | ||
(b) by substituting the following for section 11: | ||
“Obligation of shareholders to hold shares in trust for Minister. | ||
11.— (1) Every member of the Company shall hold the member’s shares in the Company upon trust for the Minister and shall accordingly be bound to— | ||
(a) pay every dividend and other money received by the member in respect of the shares to the Minister for the benefit of the Exchequer, and | ||
(b) transfer the shares to the Minister as and when required by the Minister. | ||
(2) If the Minister thinks fit, the Minister may arrange for and require a person who holds shares in a company controlled by the Company, and who holds the shares upon trust for the Minister, to transfer the shares to the Minister, as and when required by the Minister. | ||
(3) Shares transferred to the Minister under subsection (1) or (2) vest in the Minister.”. |