129S.— (1) The rating authority that approves implementation or renewal of a BID scheme may by resolution terminate the scheme if any of the following apply:

(a) in the opinion of the rating authority, the BID company responsible for the scheme—

(i) will have insufficient finances to meet its liabilities for the current chargeable period and the rating authority has offered the BID company a reasonable opportunity to arrange for—

(A) financing the shortfall, or

(B) a reduction in the projects, services or works under the scheme which is sufficient to offset the shortfall,

(ii) is not carrying out or providing the projects, services or works in accordance with the scheme, or

(iii) is not in compliance with any provision in this Part;

(b) the rating authority is unable, due to any cause beyond its control, to perform its functions in relation to the BID scheme.

(2) It is necessary for the passing of a resolution under subsection (1) that at least one-third of the total number of members of the authority concerned vote in favour of the resolution.

(3) At least 28 days before the date of the termination, the rating authority shall give written notice to the BID company of its intention to terminate the BID scheme under subsection (1).

(4) The BID company responsible for a BID scheme may terminate the scheme if any of the following apply:

(a) the BID company will have insufficient finances to meet its liabilities for the current chargeable period and it has made a reasonable effort to arrange for—

(i) financing the shortfall, or

(ii) a reduction in the projects, services or works under the scheme which is sufficient to offset the shortfall;

(b) the BID company is unable, due to any cause beyond its control, to carry out or provide the projects, services or works under the scheme;

(c) the projects, services or works to be carried out or provided under the scheme are no longer required.

(5) At least 28 days before the date of the termination, the BID company shall give written notice to the rating authority concerned of its intention to terminate the BID scheme under subsection (4). ]