129I.— (1) A BID company shall be a company limited by guarantee and formed and registered under the Companies Acts.

(2) The principal objects of the BID company shall be stated in its memorandum of association to be as follows:

(a) to implement or renew and administer and manage a BID scheme or, as the case may be, a scheme being proposed for purposes of this Part;

(b) to ensure that each project, service and work under the scheme is carried out in accordance with that scheme and this Part;

(c) to carry out the functions of a BID company in accordance with this Part.

(3) Subsection (2) does not prevent or restrict the inclusion of objects and powers that are—

(a) reasonably necessary, proper for or incidental or ancillary to attaining the principal objects referred to in subsection (2), and

(b) not inconsistent with this Part or any other enactment.

(4) A BID company shall have a board of directors consisting of not less than 6 members and at least two-thirds of those directors shall be—

(a) ratepayers of rateable property in the business improvement district or, as the case may be, in the area being proposed as a business improvement district, or

(b) representatives of such ratepayers.

(5) On approval of a BID scheme by a rating authority under section 129B, the rating authority is entitled to have the following representation on the board of directors for the BID company that will be implementing or renewing the scheme:

(a) if the board consists of less than 13 members, one of those members shall be selected by the elected council and one shall be selected by the F172[chief executive];

(b) if the board of directors consists of 13 or more members, 2 of those members shall be selected by the elected council and 2 shall be selected by the F172[chief executive].

(6) A vacancy in the membership of the board of directors under subsection (4) or (5) does not invalidate any act or proceeding of the board or impair the right of the board to act, if the number of members is not less than a quorum.]