Part I Air traffic
Chapter II Transfer schemes
Transferee companies: other provisions
I154 Grants.
1
This section applies if any property, rights or liabilities are transferred under a transfer scheme to a transferee which at the time of the transfer is a company falling within subsection (3).
2
With the Treasury’s approval the Secretary of State may make grants towards the transferee’s expenditure if when the grants are made it is a company falling within subsection (3).
3
A company falls within this subsection if it is—
a
a company which is wholly owned by the Crown,
b
a company which is wholly owned by the CAA, or
c
a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).
4
Grants may be of such amounts and be made at such times and in such manner as the Secretary of State may determine with the Treasury’s approval.
5
Grants may be made subject to such conditions as the Secretary of State may determine with the Treasury’s approval.
6
Grants may be retained by the transferee after it has ceased to be a company falling within subsection (3) (subject to any condition imposed under subsection (5)).