Article 5 Power to form subsidiaries

The Board may form and promote one or more wholly-owned subsidiaries for carrying on any activities which the Board have power to carry on under or by virtue of the Acts or this Order.

The Board shall secure that any company formed in exercise of the powers conferred by paragraph (1) of this article remains such a wholly-owned subsidiary.

The Board may enter into arrangements with a company formed in exercise of the powers conferred by paragraph (1) of this article for the transfer to that company from the Board or from any other company so formed, in such manner and on such terms (including payments by any of the parties to the arrangements to any of them) as may be provided for by the arrangements of any property, rights, liabilities or obligations of the company or of that other company which are relevant to the carrying on of the activities to be carried on by the first mentioned company.

In this article, “wholly-owned subsidiary” has the meaning given by section 736(2) of the Companies Act 1985^f1.