5.—(1) The Office may by order designate a company for the purposes of this Part.
(2) A company shall not be designated under paragraph (1) unless it fulfils the following conditions, namely –
(a)it is formed by virtue of Article 4;
(b)it is [F1formed and registered under the Companies Act 2006 in Northern Ireland];
(c)it is a private company limited by guarantee (and not having a share capital) within the meaning of that Order;
(d)its objects are such as to enable it to exercise strategic investment functions; and
(e)the composition of its board of directors is controlled by the Office.
(3) [F2Section 1159(2) and (4) of the Companies Act 2006] shall apply with appropriate modifications in relation to the determination of the matter mentioned in paragraph (2)(e).
(4) The Office—
(a)may at any time revoke an order under paragraph (1);
(b)shall revoke such an order if the designated company ceases to fulfil any of the conditions mentioned in paragraph (2).
(5) No order may be made under this Article unless a draft of the order has been laid before and approved by resolution of the Assembly.
(6) Only one company may be designated under paragraph (1) at any time; and references in this Part to the designated company are to the company for the time being designated under that paragraph.
F3(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Words in art. 5(2)(b) substituted (1.10.2009) by virtue of Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 219(a) (with art. 10)
F2Words in art. 5(3) substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 219(b) (with art. 10)