SCHEDULE 2Other required terms
PART 7Notice requirements and rights of entry
Notice provisions specific to an agreement with a qualifying body46
1
Where a qualifying body is a party to the agreement, the contractor must give notice in writing to the Board as soon as—
a
any share in the qualifying body is transmitted or transferred (whether legally or beneficially) to another person on a date after the date on which the agreement was entered into;
b
a new director or secretary of the qualifying body is appointed;
c
the qualifying body passes a resolution, or a court of competent jurisdiction makes an order, that the qualifying body be wound up;
d
circumstances arise which might entitle a creditor or a court to appoint a receiver, administrator or administrative receiver for the qualifying body;
e
circumstances arise which would enable the court to make a winding up order in respect of the qualifying body; or
f
the qualifying body is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 M1 (definition of inability to pay debts).
2
A notice under paragraph (1)(a) must confirm that the new shareholder, or, as the case may be, the personal representative of a deceased shareholder—
a
falls within section 93(1) of the Act M2 (persons with whom agreements may be made); and
b
meets the further conditions imposed on shareholders by virtue of regulation 5.
3
A notice under paragraph (1)(b) must confirm that the new director, or, as the case may be, secretary meets the conditions imposed on directors and secretaries by virtue of regulation 5.