Ownership of the successor companyN.I.
Initial Government holding in the successor companyN.I.
57.—(1) As a consequence of the vesting in the successor company of any assets and liabilities under Article 54, the company shall issue such securities of the company as the Department may direct to the Department or the Department of Finance and Personnel.
(2) The Department shall not give a direction under paragraph (1) at a time when the successor company has ceased to be wholly owned by the Crown.
(3) Securities required to be issued under this Article shall be issued at such time or times and on such terms as the Department may direct.
(4) Shares in the successor company which are issued under this Article—
(a)shall be of such nominal value as the Department may direct; and
(b)shall be issued as fully paid and treated for the purposes of [F1the Companies Acts (as defined in section 2(1) of the Companies Act 2006)] as if they had been paid up by virtue of the payment to the company of their nominal value in cash.
(5) The Department shall not dispose of any securities issued under this Article without the consent of the Department of Finance and Personnel.
F2(6) For the purposes of [F3the Companies Acts (as defined in section 2 of the Companies Act 2006)],[F4 the Company Directors Disqualification (Northern Ireland) Order 2002] and the Insolvency (Northern Ireland) Order 1989F5 the Crown is not to be treated as a shadow director of the successor company by reason that the company is wholly owned by the Crown or that the directors of that company are accustomed to act in accordance with the Crown's directions or instructions.
F1Words in art. 57(4)(b) substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 149(5) (with art. 10)
F2By Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 197(4) (with arts. 6, 11, 12) it is provided that in art. 57(6) for "the Companies Order" substitute (6.4.2008) "the Companies Acts (as defined in section 2 of the Companies Act 2006)"
F3Words in art. 57(6) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3)(a), 10(1), Sch. 4 para. 86 (with saving in art. 12)
Government investment in securities of the successor companyN.I.
58.—(1) The Department or the Department of Finance and Personnel may at any time acquire—
(a)securities of the successor company; or
(b)rights to subscribe for any such securities.
(2) The Department shall not dispose of any securities or rights acquired under this Article without the consent of the Department of Finance and Personnel.
Exercise of functions through nomineesN.I.
59.—(1) The Department or the Department of Finance and Personnel may, for the purposes of Article 57, 58 or 65, appoint any person to act as the nominee, or one of the nominees, of the Department or the Department of Finance and Personnel; and—
(a)securities of the successor company may be issued under Article 57 or 65 to any nominee of the Department or the Department of Finance and Personnel appointed for the purposes of that Article; and
(b)any such nominee appointed for the purposes of Article 58 may acquire securities or rights under that Article,
in accordance with directions given by the Department or by the Department of Finance and Personnel.
(2) Any person holding any securities or rights as a nominee of the Department or the Department of Finance and Personnel under paragraph (1) shall hold and deal with them (or any of them) on such terms and in such manner as the Department or the Department of Finance and Personnel may direct.