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British Aerospace Act 1980

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  1. Introductory Text

  2. Vesting of property, etc., of British Aerospace in a company nominated by the Secretary of State

    1. 1. Vesting of property, etc., of British Aerospace in a company nominated by the Secretary of State.

    2. 2. Cancellation of certain Government investment in British Aerospace.

    3. 3. Initial Government shareholding in the successor company.

    4. 4. Financial structure of the successor company and its subsidiaries.

    5. 5. Government investment in shares and securities of the successor company.

    6. 6. Exercise of Secretary of State’s functions under sections 3 and 5 through nominees.

    7. 7. Target investment limit for Government shareholding under sections 3 and 5.

    8. 8. Liability of the successor company for defaulting subsidiary where cause of action arose before appointed day.

    9. 9. Liability of Secretary of State in respect of obligations vesting in the successor company by virtue of section 1, etc.

    10. 10. Dissolution of British Aerospace and transitional provisions.

  3. Miscellaneous and supplemental

    1. 11. Application of Trustee Investments Act 1961 in relation to investment in the successor company.

    2. 12. Corporation tax and development land tax.

    3. 13. Administrative expenses.

    4. 14. Interpretation.

    5. 15. Citation, repeals and extent.

  4. SCHEDULES

    1. SCHEDULE 1

      Effect of Section 1 in Certain Cases

      1. Modification of agreements

        1. 1.Where immediately before the appointed day there is in force...

      2. Contracts of employment and pensions

        1. 2.It is hereby declared for the avoidance of doubt that—...

      3. Regional development grants

        1. 3.(1) Where an asset, or the right to receive an...

    2. SCHEDULE 2

      Transitional Provisions

      1. 1.(1) Subject to the following provisions of this paragraph, subsections...

      2. 2.(1) Section 2 of this Act shall not operate to...

      3. 3.Section 2 of this Act shall not operate to extinguish—...

      4. 4.(1) Section 41(5) or (as the case may be) section...

      5. 5.(1) Any record kept in accordance with arrangements made by...

      6. 6.The repeals made by this Act in the House of...

    3. SCHEDULE 3

      Enactments Repealed

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