Examples of Protected Land in a sentence
To this end there are certain procedures for and restrictions on the disposal of Protected Land and special rules apply to disposals by auction or formal tender and to disposals to certain associated companies.
These include a restriction on the disposal (except with the consent of Ofwat) of Protected Land required for carrying out the Appointed Business.
The substantial majority of Anglian Water’s assets by value is tangible property which is either Protected Land (as defined in the WIA) and/or are assets which are required for the carrying out of Anglian Water’s Regulated Business and cannot therefore be effectively secured (at least, in the case of Protected Land, without the prior consent of Ofwat).
For example, the WIA restricts a Regulated Company’s ability to dispose of interests in (or create a charge or mortgage over) Protected Land.
In addition, Ofwat can impose conditions on disposals of Protected Land including conditions relating to the manner in which the proceeds of a sale are to be used.Given the purposes of the WIA (in particular, the purposes of the Special Administration regime and the restrictions on enforcement of security thereunder) and of Condition K of its licence, a Regulated Company would not expect to obtain the consent of the Secretary of State or Ofwat to the creation of any security over its Protected Land.