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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