Article 79 Temporary restrictions on borrowings, etc.

Northern Ireland

(1)

If articles of association of a successor company confer on the Department powers exercisable with the consent of the Department of Finance and Personnel for, or in connection with, restricting the sums of money which may be borrowed or raised by the group during any period, those powers shall be exercisable in the public interest notwithstanding any rule of law and any statutory provision.

(2)

For the purposes of this Article an alteration of the articles of association of a successor company shall be disregarded if the alteration—

(a)

has the effect of conferring or extending any such power as is mentioned in paragraph (1); and

(b)

is made at a time when that company has ceased to be wholly owned by the Crown.

(3)

In this Article—

“group”, in relation to a company, means that company and all of its subsidiaries taken together;
“subsidiary” has the meaning given by F1section 1159 of the Companies Act 2006.

Annotations

Textual amendments

F1: Art. 79(3): words in the definition of "subsidiary" substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), arts. 1(2), 2(1), Sch. 1 para. 135(3) (with art. 10)