ORDERED that Executive
a)
Approve the membership of Veritau Public Sector Limited, a company limited by
guarantee, and the novation of the existing contract.
b)
Approve the payment of a dividend from Veritau Tees Valley Limited sufficient to fund the
Council’s subscription to the new company.
c)
Approve a special resolution to wind up Veritau Tees Valley Limited once the Council’s membership
of the new company is confirmed.
d)
Delegate the approval for the Council to
enter into all other necessary agreements to participate in the new company to
the S151 Officer.
e)
Approve the appointment of a director to
the Board of the new company and a senior officer to the members’ committee to
oversee its governance arrangements and performance
AGREED that the Business Case for Veritau
Public Sector Limited and the reasons for the changes in the Veritau structure and how these impacted on the Council be
noted.