(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)).
Commencement Information
I1S. 54 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)