c. 12
210
Scu.
5
1972 c. 63.
1982 c. 52.
Telecommunications Act 1984
48.-(1) Where an asset, or the right to receive an asset, vests in
the successor company by virtue of section 60 of this Act, then for
the purposes of Part I of the Industry Act 1972 and Part H of the
Industrial Development Act 1982(a) so much of any expenditure incurred by British Telecommunications in providing that asset as is approved capital
expenditure (of any description relevant for the purposes of
regional development grant) in respect of which no payment
of regional development grant has been made to British
Telecommunications shall be treated as having been incurred by the successor company and not by British Telecommunications ; and
(b) where the asset itself vests in the successor company by virtue of section 60 of this Act, it shall be treated as a new
asset if it would have fallen to be so treated if it had remained vested in British Telecommunications.
(2) In this paragraph " regional development grant " means a
grant under Part I of the Industry Act 1972 or Part II of the Industrial Development Act 1982 and " approved capital expenditure "
it has for the purposes of the provisions
relating to regional development grant.
has the same meaning as
1974 c. 7.
1975 c. 30.
49. An order under section 19 of the Local Government Act 1974
(rating of certain public utilities and other bodies) which applies in
relation to hereditaments occupied by British Telecommunications
and is effective on the transfer date shall have effect as if it applied
to the corresponding hereditaments occupied by the successor company.
1980 c. 22.
1976 c. 69.
An order under section
6 of the Local Government (Scotland)
formula of certain lands and heritages)
which applies in relation to lands and heritages occupied by British
Telecommunications and is effective on the transfer date shall have
effect as if it applied in relation to the corresponding lands and heritages occupied by the successor company.
50.
Act
1975 (valuation by
51.-(1) Where a distribution is proposed to be declared during
the accounting reference period of the successor company which includes the transfer date or before any accounts are laid or filed in
respect of that period, section 43 of the Companies Act 1980 (relevant
accounts) shall have effect as
(a) references in subsection (1) to the relevant accounts ; and
(b) references in subsections (6) and (8) to initial accounts,
included references to such accounts as are mentioned in sub-paragraph (2) below.
if-
(2) The said accounts are such accounts as, on the assumptions
stated in sub-paragraph (3) below, would have been prepared under
section 1 of the Companies Act 1976 in respect of the relevant year.
(3) The said assumptions are(a) that the relevant year had been a financial year of the
successor company ;