INDUSTRIAL TRAINING Citation, commencement and interpretation 1 1 This Order may be cited as the Industrial Training (Knitting, Lace and Net Industry Board) (Revocation) Order 1982. 2 Articles 3 and 4 of this Order shall come into operation on 31st July 1982. 3 The provisions of this Order, other than Articles 3 and 4, shall come into operation on 30th June 1982. 4 In this Order— a “ The Board ” means the Knitting, Lace and Net Industry Training Board, established by the Industrial Training (Knitting, Lace and Net Industry Board) Order 1966. b “ The remaining assets ” means any amount by which the assets of the Board may exceed the amount required to meet the liabilities of the Board and the expenses of the winding up. c “ The revocation date ” means the date on which Article 3 comes into operation. Winding up of the Board 2 1 The Board shall be wound up in accordance with the provisions of this Article. 2 On the coming into operation of this Article the Board shall cease to exercise its functions, except insofar as continued exercise of those functions may be necessary or expedient for the purpose of winding up. 3 Between the coming into operation of this Article and the revocation date the Board shall so far as practicable discharge its liabilities. 4 The remaining assets of the Board transferred to the Commission under Article 4 below shall be applied by the Commission for the purpose of encouraging training for employment. 5 The Board shall for the part of its financial year ending on the revocation date make a final report to the Secretary of State in accordance with section 8 of the 1964 Act and that report shall include a statement of the accounts of the Board to that date together with a copy of any report made by the auditors on the accounts. The Secretary of State shall lay a copy of the report before Parliament. Revocation of the Industrial Training Order 3 The Industrial Training (Knitting, Lace and Net Industry Board) Order 1966 is hereby revoked. Incidental and Transitional Provisions 4 1 All property (including records) and rights to which the Board was entitled immediately before the revocation date and any obligations to which the Board was then subject, not having been discharged under Article 2(3) above, are hereby transferred to and shall vest in the Commission. 2 Any legal proceedings which, but for the revocation in Article 3 above, could have been commenced or continued by or in relation to the Board, may be commenced or continued by or in relation to the Commission. 3 Every contract, agreement, licence and authority, whether written or not, and every deed, bond, instrument and document made before the revocation date and still in effect at that time which relates to property, rights or obligations of the Board shall continue in effect but subject to the following modifications, so far as they are applicable— a if the Board is a party thereto the Commission shall be substituted as that party; b for a reference (however worded and whether express or implied) to the Board there shall, as respects anything falling to be done or occurring after that time, be substituted a reference to the Commission; c for a reference (however worded and whether express or implied) to the members or any member, or to any officer or officers of the Board there shall be substituted, as respects anything done or falling to be done or occurring on or after the revocation date, a reference to such officer or officers as the Commission shall appoint for the purpose; and d for a reference to the office or place of business of the Board there shall be substituted a reference to the office or place of business of the Commission. Signed by the order of the Secretary of State. Peter Morrison Joint Parliamentary Under Secretary of State Department of Employment 6th May 1982