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 force of this article the Board shall cease to exercise its functions except in so far as continued exercise of those functions may be necessary or expedient for the purpose of winding up.

Between the coming into force of this article and the revocation date the Board shall so far as practicable discharge its liabilities.

On or after the revocation date the net assets of the Board which are transferred to the Secretary of State under article 4below shall be applied for charitable purposes related to or connected with training for employment.

The Board shall for the part of its financial year ending on the revocation date make a final report to the Secretary of State in accordance with section 8 of the Act and that report shall include a statement of accounts of the Board to that date together with a copy of any report made by the auditors on the accounts. The Secretary of State shall lay a copy of the report before Parliament.