Commentary on Sections Chapter 2: Transfers Relating to Nuclear Undertakings Section 48: Supplementary powers of the Secretary of State, the NDA and UKAEA
177.Section 48 provides powers for the Secretary of State, the NDA, and the UKAEA in relation to the making of nuclear transfer schemes, and other functions under the Act. Those powers include powers to enter into agreements in connection with nuclear transfer schemes. The consent of the Treasury is required before the Secretary of State and UKAEA enter into such agreements, and the consent of the Secretary of State is required before UKAEA enters into such agreements. Subsection (8) removes certain statutory restrictions on the powers of UKAEA to dispose of shares. Subsection (7) requires the UKAEA to consult the Secretary of State before disposing of securities, where (a) such disposal is in connection with the carrying out by the NDA of the NDA’s functions (b) in the opinion of UKAEA, such disposal would be inconsistent with the UKAEA’s statutory functions; and (c) the Secretary of State’s consent has not already been obtained.