The Scottish Milk Marketing Board (Residual Functions) Regulations 1994

Winding up by the Board

30.—(1) Subject to paragraph (3) below, this regulation applies where–

(a) all requisite payments to registered end year producers have been made in accordance with regulation 24(1)(b);

(b) the Board are satisfied that–

(i) all their assets have been gathered in and realised; and

(ii) all their liabilities and functions under these Regulations (other than those specified in this Part) have been discharged; and

(c) there is a surplus in the general fund.

(2) Where this regulation applies the Board shall–

(a) make to each registered eligible producer a final distribution of assets in proportion to the volume of milk produced and sold by him to the Board, or on which contributions were payable, in the period of 7 years ending on 31 March 1994;

(b) prepare final accounts in accordance with section 39 of the marketing scheme, as modified by regulation 23, and submit those accounts when audited to–

(i) the Minister; and

(ii) registered producers, along with a notice calling a Special General Meeting at which the accounts are to be submitted; and

(c) having had regard to any views expressed by the registered producers at that Special General Meeting, notify the Minister for the purpose of section 14(5) of the Act that the Board have wound up their affairs.

(3) The winding up of the Board under this regulation does not bar the right of any creditor or registered eligible producer (being a contributory for the purposes of section 124 of the 1986 Act((1))) to have the Board wound up by the court under regulation 31; but in the case of a registered eligible producer the court must be satisfied that the rights of registered eligible producers will be prejudiced if the Board are permitted to wind up their affairs under this regulation.

(1)

Section 124 was amended by the Criminal Justice Act 1988 (c. 33), section 62(2)(b) and by the Companies Act 1989 (c. 40), section 60(2).