TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 48 General functions of the Holding Company.

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TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 48

General functions of the Holding Company.

48.(1) The objects of the Holding Company shall be

(a)subject to the provisions of sections 69 and 70, to hold and manage the
properties vested in it by virtue of section 68 and any other properties
acquired by it; and

(b)to exercise the rights attached to such properties;

(i)to form, promote and assist companies (including subsidiary companies) and,
without prejudice to the foregoing, to lend money to any of its subsidiary
companies;

(ii)to subscribe for, take, acquire and hold, exchange and sell securities of
companies;

(iii)to acquire and, subject to subsection (2), dispose of any property;

(2) The Holding Company shall not, without the consent of the Ministry which
may be given for any case or description of cases specified in the consent or
may be general and may be given subject to conditions, exercise its powers
under subsection (1) to dispose of any property held by it.

(3) The Minister may by order extend or vary the objects, duties and powers of
the Holding Company under this section but he shall not make such an order
unless a draft of the order has been laid before Parliament and approved by
resolution of each House.

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Northern Irish Legislation

TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 48