That a deed of indemnity be entered into with the Non-Executive Directors and Board appointees of the Torbay Economic Development Company Limited, trading as TDA.

That the Cabinet recommends to Council that;

1.    Torbay Economic Development Company be dissolved, with the Chief Executive overseeing the practical arrangements for the same;

2.    In further of 1. above, the Chief Executive be given delegated authority to determine, in consultation with the Leader of the Council;

a.     the transfer of subsidiary companies or component parts of the business that undertake substantial external trading activity into the Torbay Council Strategic Holding Company,

b.    the most effective arrangements for the holding of assets currently held by Torbay Economic Development Company,

c.    agreement of appropriate indemnities that may be required for non executive directors and Board appointments should this be necessary during the transitional period.