The Water and Sewerage Services (Northern Ireland) Order 2006

Disposal of securities, etc

273.—(1)  The Department shall not dispose of any securities or rights issued under Article 271 or acquired under Article 272 except—

(a) in a case of a disposal requiring Assembly approval, with that approval; and

(b) in the case of any other disposal, with the consent of DFP.

(2) A disposal requires Assembly approval if, in the opinion of the Department, the effect of the disposal would be that the successor company is no longer controlled by the Department.

(3) Assembly approval is given to a disposal if the disposal is approved by a resolution of the Assembly passed on a resolution specifying—

(a) the size and nature of the disposal;

(b) the person to whom it is to be made.

(4) For the purposes of this Article the successor company is controlled by the Department if the Department holds securities of the company entitling it to exercise or control the exercise of a majority of the voting rights in the company which are exercisable at a general meeting on all, or substantially all, matters.