Article 2 Winding up of the Board

The Board shall be wound up in accordance with the provisions of this Article.

On the coming into operation of this Article the Board shall cease to exercise its functions except insofar as continued exercise of those functions may be necessary or expedient for the purpose of the winding up.

Between the coming into operation of this Article and 1st March 1974 the Board shall discharge its liabilities.

Immediately before 1st March 1974 the Board shall transfer to, or to the order of, the Secretary of State in such manner as he may direct the remaining assets of the Board and those assets shall be applied by the Secretary of State for the purpose specified in paragraph (5) of this Article.

The specified purpose shall be the repayment (as the case may allow in whole or in part) of levies paid by employers in the electricity supply industry.

The accounts of the Board up to 1st March 1974 shall be prepared and audited in accordance with section 8 and those accounts and the final report of the Board shall be laid before Parliament in accordance with that section.