Section 1 Power of Board to form, promote and acquire shares in certain companies.

Scotland

(1)

The powers of the Board under section 6 of the principal Act (carrying on of business) shall include power—

(a)

to form or promote, or join with any other person in forming or promoting a company;

(b)

to subscribe for or (with the consent of the company concerned) otherwise to acquire by agreement the shares or stock or any part of the shares or stock of a company;

(c)

to hold any shares or stock so acquired;

(d)

to dispose of the whole or any part of any holding of shares or stock so acquired.

(2)

The powers specified in the foregoing subsection shall be exercised only with the approval of the Secretary of State and the Treasury, and the powers specified in paragraphs (a), (b) and (c) of that subsection shall be so exercised only in relation to a company which is formed to carry on or carries on or proposes to carry on a business or undertaking which in the opinion of the Board will contribute to the economic or social development of the Highlands and Islands.

Notes on the whole Act

Textual amendments

F1: Act repealed (1.4.1991) by Enterprise and New Towns (Scotland) Act 1990 (c. 35, SIF 64), s. 38(2), Sch. 5 Pt. III; S.I. 1991/283, arts. 1, 3