Article 4 Abolition of British Shipbuilders

(1)

British Shipbuilders is abolished immediately after the transfer of its property, rights and liabilities to the Secretary of State under article 2(1).

(2)

The subsidiaries of British Shipbuilders are abolished immediately after the transfer of their property, rights and liabilities to the Secretary of State under article 2(2) and (3).

(3)

The reporting duties of British Shipbuilders in respect of its final accounting year must, after its abolition, be discharged by the Secretary of State.

(4)

The reporting duties of British Shipbuilders are—

(a)

its duties under section 17(1)(b) and (c) of the Aircraft and Shipbuilding Industries Act 1977^f1 (statements of accounts), and

(b)

its duties under section 18 of that Act (annual report).

(5)

The final accounting year of British Shipbuilders is the period which begins on 1st April 2012 and ends on the abolition of British Shipbuilders.

Annotations

Footnotes

f1: 1977 c.3.