86 Conversion of certain loans
Water Act 1989 (1989 c 15) | Legislation

86  Conversion of certain loans

(1)     The Secretary of State may by order made by statutory instrument extinguish all or any of the liabilities of the nominated holding company of a successor company in respect of the principal of any loan of either of the following descriptions, that is to say—

(a)     a loan made to that company under section 84 above;

(b)     a loan the liability to repay the principal of which has been transferred to that company under section 85 above;

and the assets of the National Loans Fund shall accordingly be reduced by amounts corresponding to any liability so extinguished.

(2)     An order made under subsection (1) above in respect of any loan the liability to repay

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