Establishment and winding up of industrial training boards

Transfer of assets on revocation or amendment of industrial training order.
3A
1
Where an order has been made under section 1 above which—
a
revokes an industrial training order, or
b
amends such an order so as to exclude from the scope of operation of an industrial training board some of the activities in relation to which it exercises functions,
the board concerned—
i
may with the consent of the Secretary of State, or
ii
shall if he so directs,
transfer all or any of its assets to any person on trust to be used for charitable purposes which are related to or connected with training for employment.
2
A transfer under subsection (1) above may be made for a consideration which is less than the market value of the assets transferred or for no consideration; and different assets may be transferred by a board under that subsection to different persons.
3
It is hereby declared that a transfer under subsection (1) above may be made in a case where an industrial training order is revoked even if the assets of the board concerned are (or will be after the transfer) insufficient to meet its liabilities and the expenses of the winding up of the board in pursuance of section 4(1) below.
4
Subject to subsection (5) below, the provisions of section 15(5) to (9) below shall apply in relation to any direction given by the Secretary of State under subsection (1) above as they apply in relation to any direction given by him under section 15(1) or (2) below.
5
Where any such direction is given in a case where an industrial training order is revoked, those provisions shall so apply with the omission from section 15(6) below of the words from “during such period” onwards.
Ss. 3A, 3B inserted by Employment Act 1989 (c. 38, SIF 43:1), s. 24(1)