Paragraph 47 Winding-up of the Board

Part V of the 1986 Act (which relates to the winding up of unregistered companies) shall apply in relation to the Board subject to the modifications set out in section 47A of this Scheme.

For the purposes of section 226 of the 1986 Act, and notwithstanding any exercise of the powers conferred on the Board or the Minister by section 17 of the Act, every registered eligible producer shall be liable to contribute to the payment of the debts and liabilities of the Board and to the costs and expenses of the winding up proportionately to the number of litres of milk produced and sold by him to the Board, or on which contributions were payable, during the period of 7 years ending on 31 March 1994, but such liability, taking account of any contributions made pursuant to section 17 of the Act, shall not exceed 0.02p per litre. Save as aforesaid, however, no person shall be liable to contribute to the assets of the Board in the winding up by reason only of his being, or having been, a registered producer or a member of the Board.

Any surplus funds remaining on completion of the winding up, after payment of all liabilities and expenses, shall be distributed among the registered eligible producers who, if there had been a deficit on the winding up, would have been liable to contribute in terms of subsection (2), and in the same proportions as such liability to contribute.