Aircraft and Shipbuilding Industries Act 1977

Section 19(1).

SCHEDULE 1 Aircraft Industry

PART I Companies whose Securities are to Vest in British Aerospace

• British Aircraft Corporation Limited

• Hawker Siddeley Aviation Limited

• Hawker Siddeley Dynamics Limited

• Scottish Aviation Limited

PART II Qualifying Conditions

1 On 29th October 1974 each of the companies specified in Part I of this Schedule fulfilled the following conditions, namely,—

(a) the company was incorporated and had its principal place of business in Great Britain ; and

(b) the company was engaged in manufacturing complete aircraft or guided weapons ; and

(c) the aggregate of—

(i) the company's turnover for the relevant financial year, as stated or otherwise shown in its accounts, and

(ii) the turnover of each of the company's subsidiaries for the relevant financial year, as stated or otherwise shown in its accounts,

exceeded £7.5 million ; and

(d) the company was not a wholly owned subsidiary of a company which fulfilled each of the preceding conditions.

2 In paragraph 1 above—

• “aircraft” does not include—

  (a)

  hovercraft;

  (b)

  lighter than air aircraft;

  (c)

  rotary-wing aircraft;

  (d)

  non-motorised and motorised gliders ;

  (e)

  aircraft designed to fly unmanned ; and

  (f)

  replicas of aircraft of historic interest; and

• “relevant financial year ”, in relation to a company, means that one of the company's financial years, within the meaning of the [1948 c. 38.] Companies Act 1948, for which accounts were last laid before it in general meeting before 29th October 1974.