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 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.”.