127 Division of assets of IBA and their dissolution.U.K.
(1)On such day as the Secretary of State may by order appoint as the transfer date there shall come into force a scheme made under Schedule 9 to this Act and providing for the division of the property, rights and liabilities of the IBA between—
(a)the Commission,
(b)the Radio Authority, and
(c)a company nominated for the purposes of this subsection by the Secretary of State.
(2)The Secretary of State may, by order made before the transfer date, nominate for the purposes of subsection (1) any company formed and registered under the M1Companies Act 1985; but on that date the company must be a company limited by shares which is wholly owned by the Crown.
(3)Subject to subsection (4), the IBA shall continue in existence after the transfer date until such time as they are dissolved by order made by the Secretary of State.
(4)On the transfer date the chairman and members of the IBA shall cease to hold office; and as from that date the IBA—
(a)shall consist only of a chairman appointed by the Secretary of State and, if the Secretary of State thinks fit, such one or more other persons as the Secretary of State may appoint as members of the IBA; and
(b)shall have only the functions which fall to be carried out by the IBA under or by virtue of Schedule 9.
(5)If requested to do so by the chairman appointed under subsection (4)(a), the Commission shall furnish the IBA with any assistance required by them for the purpose of carrying out any of those functions.
(6)The Secretary of State shall not make an order under subsection (3) unless he is satisfied, after consultation with the IBA and with each of the bodies referred to in subsection (1)(a) to (c), that nothing further remains to be done by the IBA under or by virtue of Schedule 9.
Modifications etc. (not altering text)
C1S. 127(1): 1.1.1991 appointed as the transfer date for the purposes of s. 127(1) by S.I. 1990/2540, art. 2
Marginal Citations