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The Strategic Investment and Regeneration of Sites (Northern Ireland) Order 2003

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Designation of company to exercise strategic investment functionsN.I.

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5.—(1) The Office may by order designate a company for the purposes of this Part.

(2) A company shall not be designated under paragraph (1) unless it fulfils the following conditions, namely –

(a)it is formed by virtue of Article 4;

(b)it is [F1formed and registered under the Companies Act 2006 in Northern Ireland];

(c)it is a private company limited by guarantee (and not having a share capital) within the meaning of that Order;

(d)its objects are such as to enable it to exercise strategic investment functions; and

(e)the composition of its board of directors is controlled by the Office.

(3) [F2Section 1159(2) and (4) of the Companies Act 2006] shall apply with appropriate modifications in relation to the determination of the matter mentioned in paragraph (2)(e).

(4) The Office—

(a)may at any time revoke an order under paragraph (1);

(b)shall revoke such an order if the designated company ceases to fulfil any of the conditions mentioned in paragraph (2).

(5) No order may be made under this Article unless a draft of the order has been laid before and approved by resolution of the Assembly.

(6) Only one company may be designated under paragraph (1) at any time; and references in this Part to the designated company are to the company for the time being designated under that paragraph.

F3(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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