Search Legislation

The Ports (Northern Ireland) Order 1994

Status:

This is the original version (as it was originally made).

Treatment of net proceeds of disposal of ownership

10.—(1) Subject to paragraph (2), an amount equal to the aggregate amount of the sums paid by the authority to the successor company under Article 6(4) shall be treated as accumulated realised profits of the successor company.

(2) The amount which under paragraph (1) falls to be treated as accumulated realised profits of the successor company shall be—

(a)increased by any amount by which the asset value on the transfer to the successor company under Article 9 exceeds the liability amount; or

(b)reduced by any amount by which the liability amount on that transfer exceeds the asset value,

as the case may require.

(3) In paragraph (2)—

“the asset value” means the aggregate value of the assets transferred; and

“the liability amount” means the aggregate amount of the liabilities transferred.

(4) For the purposes of this Article the value of any asset and the amount of any liability transferred to the successor company under Article 9 shall be taken to be its value or amount determined in accordance with any provision made by the scheme under paragraph 11 of the Schedule (transitional provision as to accounts, etc., of the successor company).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources