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Transport Act (Northern Ireland) 1967

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Changes over time for: Section 49

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49Power to Minister to give directions as to policy and control by the Holding Company of its subsidiaries.N.I.

(1)The Minister may from time to time give directions to the Holding Company as to the policy to be followed by it (including its policy towards its subsidiary companies) and may vary, suspend or revoke any directions so given and the Holding Company shall comply with any such directions.

(2)It shall be the duty of the Holding Company to exercise its powers in relation to its subsidiary companies so as to ensure that a subsidiary company—

(a)does not do anything which the Minister has directed the Holding Company not to do;

(b)does not, except with the consent of the Ministry, borrow money; and

(c)does not, except with the consent of the Ministry, raise money by the issue of shares or stock.

(3)The appointment or re-appointment by the Holding Company of any person to be a director of any of its subsidiary companies shall be subject to the approval of the Minister.

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