PART VTRANSFER OF UNDERTAKING OF NORTHERN IRELAND AIRPORTS LIMITED
Reorganisation of certain assets and liabilities of NIAL and the Holding Company
The reorganisation scheme52
1
Before such date as the Department may direct, the Holding Company shall make a scheme (referred to in this Article and Article 53 as the “reorganisation scheme”) for—
a
the transfer to the Holding Company of the estate of NIAL in specified land;
b
the surrender by NIAL of any specified lease; and
c
the granting by the Holding Company to NIAL of a lease of specified land on specified terms.
2
On the specified day—
a
the estate of NIAL in any land specified under paragraph (1)(a) shall, by virtue of this paragraph, vest in the Holding Company; and
b
any lease specified under paragraph (1)(b) shall be deemed to have been surrendered by NIAL.
3
It shall be the duty of the Holding Company and of NIAL before the transfer date to enter into a lease of land specified under paragraph (1)(c) on terms so specified.
4
The reorganisation scheme may make such supplementary, incidental and consequential provisions as the Holding Company considers appropriate.
5
In this Article “specified” means specified in the reorganisation scheme.