Greater London Authority Act 1999

170 Powers of disposal

(1) Section 9 of the [1984 c. 32.] London Regional Transport Act 1984 (powers of disposal) shall be amended as follows.

(2) In subsection (1)(a) (power to dispose of securities of one of their subsidiaries) for “one of their subsidiaries” there shall be substituted “any subsidiary of theirs”.

(3) At the end of the section there shall be added—

“(8) In this section—

• “disposal” means disposal—

  (a)

  by way of sale, exchange or lease,

  (b)

  by way of the grant of any option or the creation of any easement, right or privilege, or

  (c)

  in any other manner, except by way of appropriation or mortgage,

  and “dispose of” shall be construed accordingly;

• “lease” includes an underlease and an agreement for a lease or underlease, but does not include an option to take a lease or a mortgage.”