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This is the original version (as it was originally enacted).
(1)As from the date of the passing of this Act it shall be the duty of the Board to wind up its affairs as expeditiously as possible.
(2)The power conferred on the Board by section 1(3) shall accordingly be exercisable by the Board in such manner as appears to it to be consistent with the performance of its duty under subsection (1).
(3)The Board shall comply with such directions as may be given to it by the Secretary of State with respect to—
(a)the performance by it of its duty under subsection (1), or
(b)the exercise by it of the power conferred by section 1(3).
(4)If the Secretary of State and the Treasury consent, any disposal by the Board of any of its assets in the performance of its duty under subsection (1) may be made for a consideration which is less than the market value of the assets in question or for no consideration.
(5)The Board shall be dissolved on such date as the Secretary of State may specify by order made by statutory instrument.
(6)On that date all the property, rights and liabilities to which the Board was entitled or subject immediately before that date shall become property, rights and liabilities of the Secretary of State.
(7)References in this Act to property, rights and liabilities of the Board are references to all such property, rights and liabilities, whether or not capable of being transferred or assigned by the Board.
(1)If it appears to the Secretary of State that the Board has failed to comply with any directions given by him under section 2(3), the Secretary of State may—
(a)by notice in writing given to each of the members of the Board terminate their appointments as from a date specified in the notice, and
(b)appoint a person to act in place of the members of the Board during the remainder of the transitional period.
(2)During the remainder of that period any person so appointed may accordingly do anything in relation to the conduct of the activities of the Board that could have been done by the members of the Board.
(3)A person appointed under this section shall comply with such directions as may be given to him by the Secretary of State with respect to the manner in which he is to act in relation to the conduct of the winding up of the Board’s affairs or the conduct of any other activities of the Board.
(4)The terms of service and remuneration of any such person shall be such as the Secretary of State may determine; and, where the appointment of any such person terminates for any reason, the Secretary of State may appoint some other person under this section to replace him.
(1)Any liability of the Board to the Secretary of State immediately before the date of the passing of this Act in respect of loans made under—
(a)section 3(3) of the [1976 c. 79.] Dock Work Regulation Act 1976 (finances of the Board), or
(b)section 4 of the [1946 c. 22.] Dock Workers (Regulation of Employment) Act 1946 (loans for purposes of schemes),
shall be extinguished on that date.
(2)During the transitional period the Secretary of State may, with the consent of the Treasury, make payments to the Board for the purpose of meeting—
(a)any expenses incurred during that period by the Board in connection with the winding up of the Board’s affairs or any other activities of the Board, or
(b)any outstanding liabilities of the Board to persons other than the Secretary of State.
(3)Any sums required by the Secretary of State—
(a)for making payments under subsection (2), or
(b)for making payments of remuneration to a person appointed under section 3,
shall be paid out of money provided by Parliament.
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