Search Legislation

The Ports (Northern Ireland) Order 1994


This is the original version (as it was originally made).

Initial issue of securities of the successor company

5.—(1) Following the transfer to the successor company under Article 4 of property, rights, liabilities and functions of the authority, the successor company shall issue such securities of the company as the authority may direct—

(a)to the authority; or

(b)to any person entitled to require the issue of the securities following their initial allotment to the authority.

(2) The authority shall not give a direction under paragraph (1) at a time when the successor company has ceased to be a wholly-owned subsidiary of the authority.

(3) Securities required to be issued in pursuance of this Article shall be issued or allotted at such times and on such terms (as to allotment) as the authority may direct.

(4) Shares issued in pursuance of this Article—

(a)shall be of such nominal value as the authority may direct; and

(b)shall be issued as fully paid and treated for the purposes of the Companies (Northern Ireland) Order 1986(1) as if they had been paid up by virtue of the payment to the successor company of their nominal value in cash.

Back to top


Print Options


Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.


Opening Options

Different options to open legislation in order to view more content on screen at once


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources