Business and Objectives. The Company shall carry on the Business. investing in and/or developing and/or managing property and/or land; acquisition of sites and site assembly; owning, managing and/or operating Developments; strategic planning of longer term investment strategy which will set out the rules, behaviour and procedures to develop an investment portfolio across different markets; securing value through planning permissions and larger scale master planning and design briefs to support site development; acting as the master developer for large- scale development(s) and regeneration schemes, including, but not limited to: (i) the acquisition of land; (ii) investment in infrastructure; (iii) securing planning permission(s); (iv) undertaking master-planning; (v) retaining or selling packages of land for development by a wide range of providers; acting as the holding vehicle for a range of assets, including, without limitation, assets of EFDC and its subsidiaries; management of these assets including the delivery of the housing management, landlord responsibilities and fulfilling relevant regulatory requirements; providing investment and development and consultancy services to EFDC and its direct delivery programme, Investco and other Subsidiaries of EFDC; providing repairs and maintenance services to the Company and its Subsidiaries and to third parties. developing the market conditions, procurement and contracting models to drive value and support delivery; developing, refurbishing and delivering, owning and/or managing a mix of private residential tenure, including (without limitation):- (i) private rented; (ii) private market sale; (iii) s.106 affordable housing in line with the planning requirements set out in the Local Plan; (iv) shared ownership housing in line with the planning requirements set out in the Local Plan and subject to schemes being mortgageable; delivering of business and industrial developments and/or managing and operating (including where appropriate providing repairs and maintenance services for) the same , including (without limitation): (i) business and industrial sites; (ii) workspace investment; developing and delivery of mixed use schemes comprising, inter alia, a combination of residential and business and industrial across single sites; enabling wider commercial opportunities together with the other Key Subsidiaries (as applicable and relevant), including (without limitation) consideration of a range of development and investment propositions from a range of sectors including (for example only) industrials, information technology etc. both in and outside the Epping Forest District boundaries; delivering the EFDC commercial property portfolio; holding, operating managing and/or maintaining the EFDC commercial property, investment and/or private rented portfolios and/or assets and/or 3rd party assets and/or portfolios ; and/or leading on the proposals and delivery of the transformation of the commercial estate of EFDC and its Subsidiaries, and in doing so, the Company and its Shareholder shall have regard to the Council Objectives, including: the desire of EFDC to generate a profit and return for EFDC on its investment; to deliver housing (but only to the extent commercially viable to do so and as may otherwise be required and be in line with applicable planning requirements for each Development the Company undertakes); and through its commercial activities to create job opportunities, regeneration in the Epping Forest District, so as to assist EFDC to fulfil the Council Objectives (provided, in all circumstances, in so doing, the Shareholder shall not act in a manner so as to ▇▇▇▇▇▇ the Company’s commercial nature nor the primary objective of the Company of generating a profit and returns), together the "Company Objectives". The Company must, and EFDC as shareholder in relation to the Company shall (to the extent not contrary to their constitutional powers) exercise each of their respective powers so as to ensure that the Company will, at all times do all of the following: carry on and conduct its business and affairs in a proper and efficient manner so as to enable and not ▇▇▇▇▇▇ the Company and any Subsidiaries from acting in a commercial manner so as to generate profit and financial return (as a minimum) in line with the financial mode and for the benefit of EFDC and in accordance with: (i) the 6 Year Business Plan; (ii) the 1 Year Business Plan; and (iii) the Business Plan for a Development; transact all its business on arm’s length terms; not enter into any agreement or arrangement restricting its competitive freedom to provide and take goods and services by such means and from and to such persons as it may think fit; ensure that all business of the Company, other than routine day-to-day business and business that has been delegated by the Board to individual office holders and/or the Key Subsidiaries, will be undertaken and transacted by the Board; maintain, with a well-established and reputable insurer, adequate insurance cover against all risks usually insured against by companies carrying on the same or a similar business for the full replacement or reinstatement value of all its assets of an insurable nature (whether or not companies carrying on the same or a similar business would maintain cover at that level); maintain complete and accurate financial records; and maintain in full force and effect any approval, consent or licence required by the Company for the carrying on of its business in the places and in the manner in which it is from time to time carried on or proposed to be carried on.
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