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Amendment of section 3 of Principal Act.
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2.—Section 3 of the Principal Act is hereby amended by—
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(a) the substitution of the following paragraph for paragraph (b) of subsection (4):
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“(b) An order transferring assets and liabilities to the Minister may include provisions authorising the Minister to enter into contracts, to be completed on the date of dissolution of the dissolved Boards, for—
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(i) the sale as a going concern of all or any business carried on by either such Board with such assets and liabilities, as may be provided for by any such contract, or
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(ii) the sale of all or any of the assets of either such Board.”,
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(b) the insertion of the following subsections after subsection (5):
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“(5A) On the dissolution, by virtue of an order made under subsection (5), of the Interim Board, the assets, liabilities, choses-in-action, contracts and commitments (expressed or implied) of the dissolved Interim Board shall stand transferred to the Minister.
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(5B) Without prejudice to the generality of subsection (5A), the Minister may institute proceedings to recover any moneys that are due to the Interim Board and may, for that purpose, exercise any rights of the Interim Board.”, and
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(c) the substitution of the following subsection for subsection (6):
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“(6) The Interim Board may, to such extent as an order under subsection (4) provides—
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(a) carry on any business activities carried on by a dissolved Board,
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(b) discharge any and all liabilities of a dissolved Board,
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(c) sell as a going concern all or any business of a dissolved Board with such assets or liabilities or both as may be provided for in the sale, or
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(d) sell all or any of the assets of a dissolved Board.”.
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