Paragraph 59A MISCELLANEOUS POWERS

(1)

For the purpose of complying with paragraph 8A, the Board may if it thinks fit and with the approval of the Minister–

(a)

set up a company to carry out commercial activities or to form a subsidiary to carry out commercial activities;

(b)

transfer to that company such assets or liabilities as are necessary;

(c)

make available to or for that company or that subsidiary on prevailing market terms loans, guarantees or other financial benefits;

(d)

on prevailing market terms grant security over their assets in support of borrowings undertaken by that company or that subsidiary.

(2)

For so long as and to the extent that any commercial activities of the Board are, under paragraph 59A, carried out by a company or subsidiary of the company–

(a)

they shall be the activities of that company or that subsidiary;

(b)

reference to their commercial activities in paragraphs 52A and 53 shall be construed accordingly; and

(c)

reference to the Board’s accounts and records in paragraph 53(4) of this Scheme shall be construed as including a reference to that company’s accounts and records and, if applicable, that subsidiary’s accounts and records.