Amendment of the Aberdeen and District Milk Marketing Scheme5
The Aberdeen and District Milk Marketing Scheme shall be amended as follows:–
a
by inserting in section 2(1) thereof–
i
after the definition of “commercial activities” the following definition:–
“company” has the same meaning as in section 735(1)(a) of the Companies Act 1985;
ii
after the definition of “statutory poll” the following definition:–
“subsidiary” has the same meaning as it has for the purposes of section 736 of the Companies Act 1985;
b
by renumbering section 17 as section “17(1)”; and
c
by inserting after section 17(1) the following paragraphs:–
2
For the purpose of complying with this section the Board may if it thinks fit and with the approval of the Minister–
a
form a company to carry out commercial activities or to form a subsidiary to carry out commercial activities;
b
transfer to that company such assets, rights or liabilities as are necessary;
c
make available to or for that company or that subsidiary on prevailing market terms, loans, guarantees or other financial benefits.
3
For so long as and to the extent that any commercial activities of the Board are, under this section, carried out by a company or a subsidiary of that company–
a
they shall be the activities of that company or that subsidiary;
b
reference to their commercial activities in sections 27(3)(b) and 39(2) and (7) of the Scheme shall be construed accordingly; and
c
reference to the Board’s accounts and records in section 39 o f the Scheme shall be construed as including a reference to that company’s accounts and records and, if applicable, that subsidiary’s accounts and records.