In forceAmended2020 Revised Edition

Contents

Electricity Act 2001 · 2020 Revised Edition · Part 4A · Control of Electricity Licensees and Entities with Interests in Transmission Systems

30E. Effect of directions

Feedback & support

Amended

Last amended by an amending law of 2024. 3 amendments in all.

(1)

Any direction issued to a person under section 30D takes effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the designated electricity licensee, the designated entity or the designated business trust, as the case may be.

(2)

Where any direction is issued under section 30D(2)(b) or (c) or (2A)(b) or (c), despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution, of the licensee, the entity or the business trust, as the case may be —

(a)

no voting rights are exercisable in respect of the specified equity interests or relevant equity interests unless the Authority expressly permits such rights to be exercised;

(b)

no equity interest of the licensee, the entity or the business trust may be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified equity interests or relevant equity interests unless the Authority expressly permits such issue or offer; and

(c)

except in a winding up of the licensee, the entity or the business trust, payments must not be made by the licensee, the entity or the trustee‑manager of the business trust of any amount (whether by way of dividends or otherwise) in respect of the specified equity interests or relevant equity interests unless the Authority expressly authorises such payment,until the transfer or disposal is effected in accordance with the direction or until the direction is revoked, as the case may be.