4.—(1) The Board shall immediately after the transfer under section 11 of the Act continue to exist until dissolved by order made under section 14(5) of the Act as a body corporate, with a common seal, called the North of Scotland Milk Marketing Board but with their functions confined to winding up their affairs, in accordance with and subject to Part VII of these Regulations, and in particular–
(a)managing or otherwise dealing with the interests and rights in or in relation to property which are for the time being vested in them;
(b)carrying on such other functions in relation to the assets and liabilities which are for the time being vested in them as are specified in Part V of these Regulations;
(c)maintaining and preserving the Board’s minute books, accounting records and all other records and making appropriate arrangements for their final disposal;
(d)carrying on the other functions conferred by these Regulations; and
(e)undertaking any functions ancillary or incidental to the functions mentioned above,
in such a manner, having regard to the interests of registered producers, as they consider is best calculated to secure the purposes specified in paragraph (2) below.
(2) The purposes mentioned in paragraph (1) above are that–
(a)the Board’s assets are advantageously realised and the proceeds are applied in or towards discharging their liabilities and other functions under these Regulations;
(b)while any particular asset of the Board remains unrealised, it is held and managed as advantageously as is consistent with its eventual realisation; and
(c)the liabilities of the Board so far as not discharged in pursuance of sub-paragraph (a) above are discharged.
(3) The Board may enter into such agreements, acquire such property and do such things as may, in their opinion, be necessary or desirable for the purpose of discharging any of their functions and may sell or otherwise dispose of any property acquired by them which they do not need for such purpose.
(4) The Board shall not be regarded as acting on behalf of, and their property shall not be regarded as property of, or held on behalf of, the Crown and neither the Board nor their members nor the members of their staff shall be regarded as Crown servants.