Part 8: Other Enterprise-Related Provisions UK Green Investment Bank Section 37: Disposal of Crown’s shares in UK Green Investment Bank company
This section repeals the majority of Part 1 of the ERRA 2013.
	Sections 37(1) and 37(2) repeal in full sections 1, 3 and 5 of the ERRA 2013.
	Section 37(3) amends section 2 of the ERRA 2013 by removing subsections (1) to (8) of that section. Section 37(3)(c) inserts a definition of what is meant by a UK Green Investment Bank company in Part 1 of the Enterprise and Regulatory Reform Act 2013.
	Section 37(4) amends the Secretary of State’s power in section 4 of the ERRA 2013 to give financial assistance to the UK Green Investment Bank. Section 37(4)(a) provides that this power applies to a UK Green Investment Bank company at any time when the Crown holds shares in a UK Green Investment Bank company. This is an extension of the original power in section 4(1) which applied only when the Crown owned more than half of the issued share capital in the UK Green Investment Bank. Section 37(4)(d) ensures that section 4 does not prevent the Treasury or the Secretary of State from providing financial assistance to a UK Green Investment Bank company under powers in other legislation at any time when the Crown holds no shares in a UK Green Investment Bank company.
	Section 37(5) amends section 6 of the ERRA 2013 to require the Secretary of State to lay a copy of the annual report and accounts of the UK Green Investment Bank before Parliament each year, if at the date of the company’s general meeting, the Crown holds at least one share in a UK Green Investment Bank company. Section 37(5)(c) repeals section 6(3) and 6(4) of the ERRA 2013 which is no longer relevant in light of the repeal of section 2(1) to 2(8) of the ERRA 2013.
	Section 37(6) inserts a new section 6A into the ERRA 2013. Section 6A places a duty on the Secretary of State to report to Parliament as soon as reasonably practical after the Crown has disposed of shares in a UK Green Investment Bank company. Subsection (2) of the new section 6A sets out information that must be included in the Secretary of State’s report. Subsection (3) of the new section 6A requires the Secretary of State to give a copy of the report to the Scottish Ministers, the Welsh Ministers, and the Office of the First Minister and Deputy First Minister in Northern Ireland, and also provides that the same is required in respect of a report laid before Parliament under section 38 of this Act.