Markets in Financial Instruments and Miscellaneous Provisions Act 2007

12.

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.”.