Clause 33

by deleting subsection (1) and substituting the following subsection:“(1) On such date as the Minister may determine, such property (whether movable or immovable and whether tangible or intangible), rights, obligations and liabilities comprised in any gas company specified by the Minister —

in which the Government has an interest; and

which is agreed to by the Minister for Finance for the purposes of this section,(transferor undertaking) shall become, by virtue of this section and without further assurance, the property, rights, obligations and liabilities of such other gas company specified by the Minister —

in which the Government has an interest; and

which is agreed to by the Minister for Finance for the purposes of this section,(transferee undertaking) in such manner of distribution or allocation and on such terms as to compensation or otherwise, as determined by the Minister and agreed to by the Minister for Finance and set out in a scheme under regulations made by the Minister for the purposes of this section.”; and

by inserting, immediately after subsection (7), the following subsection:“(8) In this section, a reference to the Government having an interest in a gas company shall be read as a reference to the Government having an interest in any share in the gas company, whether directly or through one or more other persons.”.