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The Portland Harbour Revision Order 1997
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Subsidiaries
44.—(1) The Company may form and promote a wholly-owned subsidiary for carrying on any activities which the Company have power to carry on under or by virtue of this Order.
(2) The Company shall secure that any company formed in exercise of the powers conferred by paragraph (1) above remains such a wholly-owned subsidiary.
(3) The Company may enter into arrangements with a company formed in exercise of the powers conferred by paragraph (1) above for the transfer to that company from the Company or from any other company so formed, in such manner and on such terms (including payments by any of the parties to the arrangements to any of them) as may be provided for by the arrangements, of any property, rights, liabilities or obligations of the Company or of that other company which are relevant to the carrying on of the activities to be carried on by the first-mentioned company.
(4) In this article, “wholly-owned subsidiary” has the meaning given by section 736 of the Companies Act 1985(1).
(1)
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