TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 53 Supplemental provisions as to the Holding Company and its subsidiaries.

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TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 53

Supplemental provisions as to the Holding Company and its subsidiaries.

53.(1) It is hereby declared that the Holding Company and its subsidiaries are
not to be regarded as servants or agents of the Crown, or as enjoying any
status, immunity or privilege of the Crown, or as exempt from any tax, duty,
rate, levy or other charge whatsoever, whether general or local, and that
their property is not to be regarded as property of, or property held on
behalf of the Crown.

(2) Subject to section 52(1), for the purpose of any provision of [the
Companies Act (Northern Ireland) 1960] [the Companies Acts (Northern Ireland)
1960 and 1978] relating to the keeping and audit of accounts, the making of
returns and the publication of statements of accounts or other information
the Holding Company and its subsidiaries shall be deemed to be companies with
limited liability.

(3) It is hereby declared that the provisions of this Part concerning the
powers of the Holding Company and its subsidiaries relate only to their
capacity as statutory corporations and do not authorise those companies to
infringe the right of any other person.

(4) Nothing in this Part shall be construed as imposing, either directly or
indirectly, upon the Holding Company or any of its subsidiaries any form of
duty or liability enforceable by proceedings before any court to which
the Holding Company or its subsidiary would not otherwise be subject.

(5) It shall be the duty of a chairman or director of the Holding Company or,
as the case may be, of any company which is a subsidiary of
the Holding Company, who is in any way, either directly or indirectly,
interested in any contract made or proposed to be made by the company of which
he is a chairman or director to disclose at the first opportunity the nature
of his interest at a meeting of that company and the disclosure shall
forthwith be recorded in the minutes of that company and the person who is so
interested shall not take any part in any deliberation or decision of that
company with respect to that contract.

Subs.(6) rep. by 1975 c.25 s.5(2) sch.3 Pt.II

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Northern Irish Legislation

TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 53