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The Airports (Northern Ireland) Order 1994
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The Airports (Northern Ireland) Order 1994, Section 60 is up to date with all changes known to be in force on or before 26 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 60:
- Instrument am. (prosp.) by 1998 c. 41 s.74(1) Sch.12 para.20(1)
- Instrument rev. in pt. by 1998 c. 41 s.74(3) Sch.14 Pt. II
Statutory reservesN.I.
60.—(1) If the Department so directs at any time before the successor company ceases to be wholly owned by the Crown, such sum as may be specified in the direction shall be carried by the successor company to a reserve ( “the statutory reserve”).
(2) The sum specified under paragraph (1) shall not exceed the aggregate of—
(a)the accumulated realised profits of NIAL; and
(b)any accumulated realised profits arising (after compliance with any direction under Article 65(2)) by virtue of the extinguishment of liabilities of the successor company by an order under Article 65(1).
(3) The statutory reserve may only be applied by the successor company in paying up unissued shares of the company to be allotted to members of the company as fully paid bonus shares.
(4) Notwithstanding paragraph (3), the statutory reserve shall not count as an undistributable reserve of the successor company for the purposes of [F1section 831(4)(d) of the Companies Act 2006]; but for the purpose of determining under [F2that section] whether the successor company may make a distribution at any time any amount for the time being standing to the credit of the statutory reserve shall be treated for the purposes of [F3section 831(4)(c) of that Act] as if it were unrealised profits of the company.
F1Words in art. 60(4) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 197(5)(a) (with arts. 6, 11, 12)
F2Words in art. 60(4) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 197(5)(b) (with arts. 6, 11, 12)
F3Words in art. 60(4) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 197(5)(c) (with arts. 6, 11, 12)
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