The Airports (Northern Ireland) Order 1994 No. 426 (NI. 1)

PART V N.I. TRANSFER OF UNDERTAKING OF NORTHERN IRELAND AIRPORTS LIMITED

Transfer of certain assets and liabilities of NIAL and the Holding Company N.I.

Powers of Department and the Holding Company after transfer N.I.

56.—(1) The Department shall have power to hold, manage and dispose of any assets transferred to it under Article 54 and to discharge any liabilities so transferred.

(2) The power of the Department under paragraph (1) to dispose of any assets transferred to it under Article 54 includes power to dispose of those assets to a body corporate formed by the Department for the purpose of exercising on behalf of the Department its functions under paragraph (1).

(3) The repeal by this Order of section 16 of the Aerodromes Act (Northern Ireland) 1971F1 shall come into operation on the transfer date, but, notwithstanding that repeal, the Holding Company shall on and after that date have power—

(a) to hold, manage and dispose of any airport assets of the Holding Company which are not transferred under Article 54 and to discharge any airport liabilities of the Holding Company which are not so transferred; and

(b) to acquire, hold, manage and dispose of any assets of NIAL which are not transferred under Article 54 and to discharge any liabilities of NIAL which are not so transferred.

F1 1971 c.15 (NI)