The Milk Marketing Board (Residuary Functions) Regulations 1994

Restructuring of the Board’s functions

4.—(1) The Board shall immediately after the transfer under section 11 of the Act continue to exist until dissolved by order made under section 14(5) of the Act as a body corporate, with a common seal, called the Milk Marketing Board but with their functions confined to–

(a) managing or otherwise dealing with the assets which are for the time being vested in them,

(b) discharging such other functions as are specified in Part V of these Regulations in relation to the assets and liabilities which are for the time being vested in them,

(c) carrying on other activities which they are obliged or empowered by these Regulations or other requirements of law to carry on, and

(d) undertaking any functions ancillary or incidental to the functions mentioned above,

in such a manner and with such expedition as, as well as having regard to the interests of registered producers and the desirability referred to in paragraph (2) below, they consider is best calculated to secure that the winding up purpose is achieved.

(2) In determining how to dispose of the national milk records undertaking the Board shall have regard to the desirability of such undertaking being maintained as a recording service available to all producers.

(3) The Board shall not be regarded as acting on behalf of, and their property shall not be regarded as property of, or held on behalf of, the Crown and neither the Board nor their members nor the members of their staff shall be regarded as Crown servants.

(4) In this regulation–

“the national milk records undertaking” means such assets and liabilities as the Board have retained for the purposes of their commerical activities relating to collecting milk samples and data relating to milch cows, testing milk samples and providing a service in the supply of resulting data and collecting, processing and publishing dairy management information, and for the purpose of paragraph (2) above disposal of the national milk records undertaking shall be taken to include discharging any liability falling within it as well as realising the value or otherwise disposing of any asset falling within it;

“the winding up purpose” means the purpose that–

(a)

the Board’s assets shall be got in and their value shall be realised so far as is required by the approved scheme;

(b)

where realisation of the value of any asset of the Board is not so required, it shall be–

(i)

realised for value,

(ii)

disposed of by means other than realisation for value, or

(iii)

applied towards discharging the Board’s liabilities and other functions under these Regulations;

(c)

the proceeds of assets the value of which is realised shall be applied in or towards discharging the Board’s liabilities and other functions under these Regulations;

(d)

while any particular asset of the Board remains unrealised, it shall be held and managed in a manner which is consistent with sub–paragraphs (a) and (b) above; and

(e)

the liablities of the Board so far as not discharged in pursuance of sub– paragraphs (b) and (c) above shall be otherwise discharged.