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The Industrial Training (Cotton and Allied Textiles Board) (Revocation) Order 1982
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- UK Statutory Instruments
- 1982 No. 778
- Article 2
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Winding up of the Board
2.—(1) The Board shall be wound up in accordance with the provisions of this Article.
(2) On the coming into operation of this Article the Board shall cease to exercise its functions, except insofar as continued exercise of those functions may be necessary or expedient for the purpose of winding up.
(3) Between the coming into operation of this Article and the revocation date the Board shall so far as practicable discharge its liabilities.
(4) The remaining assets of the Board transferred to the Commission under Article 4 below shall be applied by the Commission for the purpose of encouraging training for employment.
(5) The Board shall for the part of its financial year ending on the revocation date make a final report to the Secretary of State in accordance with section 8 of the 1964 Act and that report shall include a statement of the accounts of the Board to that date together with a copy of any report made by the auditors on the accounts. The Secretary of State shall lay a copy of the report before Parliament.
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