PART IIEXERCISE BY DESIGNATED COMPANY OF STRATEGIC INVESTMENT FUNCTIONS
Designation of company to exercise strategic investment functions5
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 formed and registered under the Companies (Northern Ireland) Order 1986 (NI 6);
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
Article 4(2) and (3) of the Companies (Northern Ireland) Order 1986 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.
7
In Schedule 2 to the Commissioner for Complaints (Northern Ireland) Order 1996 (N.I. 7) (bodies subject to investigation) there shall be inserted, at the appropriate place –
The company for the time being designated under Article 5 of the Strategic Investment and Regeneration of Sites (Northern Ireland) Order 2003.