Part II Transfer of Airport Undertakings of Local Authorities
Supplementary
26 Avoidance of restrictions on transfer of securities of public airport companies.
1
Any provision to which this section applies shall be void in so far as it operates—
a
to preclude the holder of any securities of a public airport company from disposing of those securities or
b
to require the holder of any such securities to dispose, or offer to dispose, of those securities to particular persons or to particular classes of persons, or
c
to preclude the holder of any such securities from disposing of those securities except—
i
at a particular time or at particular times, or
ii
on the fulfilment of particular conditions or in other particular circumstances
2
This section applies to any provision relating to any securities of a public airport company and contained in—
a
the memorandum or articles of association of the company or any other instrument purporting to regulate to any extent the respective rights and liabilities of the members of the company,
b
any resolution of the company, or
c
any instrument issued by the company and embodying terms and conditions on which any such securities are to be held by persons for the time being holding them.