Transport Act 1968

[F1 28 Transfer to Bus Company or Scottish Group of certain securities, rights and liabilities. U.K.

[F2 (1) On the appointed day for the purposes of this subsection—

(a) the securities of the bodies listed in Schedule 7 to this Act, so far as beneficially owned on that day by the Holding Company or by any wholly-owned subsidiary of that Company, and

(b) any rights or liabilities on that day of that Company or subsidiary regarding the securities of any of those bodies, and

(c) the right to any money owed on that day to that Company or subsidiary by any of those bodies, and

(d) the liability represented by any money owed on that day by that Company or subsidiary to any of those bodies, and

(e) any rights and liabilities on that day of that Company in connection with Tilling Association Limited, and

(f) any rights and liabilities of the Holding Company under any agreement such as is mentioned in paragraph 6 of Schedule 5 to the Act of 1962 so far as subsisting in England or Wales,

shall, subject to subsection (3) of this section, be transferred to, and by virtue of this Act vest in, the Bus Company.]

(2) On the appointed day for the purposes of this subsection—

(a) the securities of the following bodies, namely—

(i) David MacBrayne Limited; and

(ii) Scottish Bus Group Limited,

so far as beneficially owned on that day by the Holding Company or by any wholly-owned subsidiary of that Company, and

(b) the securities of the following body, namely, the Caledonian Steam Packet Company Limited, so far as beneficially owned on that day by the Railways Board, and

(c) any rights or liabilities on that day of the Holding Company or that subsidiary thereof or, as the case may be, of that Board regarding the securities of any of those bodies, and

(d) the right to any money owed on that day to the Holding Company or subsidiary or, as the case may be, to that Board by any of those bodies, and

(e) the liability represented by any money owed on that day by the Holding Company or subsidiary or, as the case may be, by that Board to any of those bodies, and

(f) any rights and liabilities of the Holding Company under any agreement such as is mentioned in paragraph 6 of Schedule 5 to the Act of 1962 so far as subsisting in Scotland,

shall, subject to subsection (3) of this section, be transferred to, and by virtue of this Act vest in, the Scottish Group.

(3) Where any of the securities referred to in subsection [F3 (1) or] (2) of this section are beneficially owned as mentioned in that subsection but held by a nominee, that subsection shall operate only to transfer the beneficial interest in the securities; [F3 and paragraphs (c) and (d) of the said subsection (1) and]paragraphs (d) and (e) of the said subsection (2) shall not apply to money owed in the ordinary course of trading.

(4) [F4 The Minister may by order made not later than the appointed day for the purposes of subsection (1) of this section, and]the Minister and the Secretary of State acting jointly may by order made not later than the appointed day for the purposes of subsection (2) of this section, add to the said Schedule 7 or, as the case may be, to paragraph (a) or (b) of the said subsection (2), any body not for the time being listed therein if he is, or, as the case may be, they are, satisfied—

(a) that the activities of the body are similar to those of the bodies for the time being so listed, and

(b) that the Holding Company or a wholly-owned subsidiary thereof or, as the case may be, the Railways Board are for the time being the beneficial owners of any securities of that body.

(5) The rights and liabilities of the Holding Company under such agreements for the rendering of personal services by persons who immediately before the appointed day for the purposes of subsection (1) or, as the case may be, subsection (2) of this section, are employed by the Holding Company as may be determined in accordance with arrangements agreed [F5 between the Holding Company and the Bus Company or, as the case may be, between the Holding Company and the Scottish Group, or, in default of such agreement, in accordance with such arrangements as the Minister or, as the case may be, the Minister and the Secretary of State acting jointly may direct, shall on that day be transferred to, and by virtue of this Act vest in, the Bus Company or, as the case may be, the Scottish Group.

(6) Paragraph 2(3) and (4) of Schedule 4 to this Act shall apply to any transfer under subsection (5) of this section, and paragraphs 7 to 13 of that Schedule shall apply to any transfer under that subsection or under subsection [F6 (1) or] (2) of this section; and in the application of any provision of that Schedule by virtue of this subsection to a transfer under the said subsection (2) any reference in that provision to the Minister shall be construed as a reference to the Minister and the Secretary of State acting jointly.]]

Textual Amendments

F1 S. 28 repealed (S.) (7.6.2002) by S.S.I. 2002/263, art. 5(2), Sch.

F2 S. 28(1) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.

F3 Words in s. 28(3) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.

F4 Words in s. 28(4) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.

F5 Words in s. 28(5) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.

F6 Words in s. 28(6) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.