PART IIEXERCISE BY DESIGNATED COMPANY OF STRATEGIC INVESTMENT FUNCTIONS

Designation of company to exercise strategic investment functions5

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.

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