Transport Act (Northern Ireland) 1967

48 General functions of the Holding Company. N.I.

F1 (1) The objects of the Holding Company shall be—

(a) subject to the provisions of sections 69 and 70, to hold and manage the properties vested in it by virtue of section 68 and any other properties acquired by it; and

(b) to exercise the rights attached to such properties;

as if the Holding Company were a company engaged in a commercial enterprise, and the Holding Company shall have power for those objects—

(i) to form, promote and assist companies (including subsidiary companies) and, without prejudice to the foregoing, to lend money to any of its subsidiary companies;

(ii) to subscribe for, take, acquire and hold, exchange and sell securities of companies;

(iii) to acquire and, subject to subsection (2), dispose of any property;

and generally to carry on any business usually carried on by a holding company and to do all such other things as are incidental or conducive to the attainment of those objects.

(2) The Holding Company shall not, without the consent of the Ministry which may be given for any case or description of cases specified in the consent or may be general and may be given subject to conditions, exercise its powers under subsection (1) to dispose of any property held by it.

(3) The Minister may by order extend or vary the objects, duties and powers of the Holding Company under this section but he shall not make such an order unless a draft of the order has been laid before Parliament and approved by resolution of each House.

F1 1971 c.15 (NI)