Words in s. 26(2)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 68(3) (with art. 10)

http://www.legislation.gov.uk/ukpga/1986/31/section/26/2009-10-01Airports Act 1986An Act to provide for the dissolution of the British Airports Authority and the vesting of its property, rights and liabilities in a company nominated by the Secretary of State; to provide for the reorganisation of other airport undertakings in the public sector; to provide for the regulation of the use of airports and for the imposition of economic controls at certain airports; to make other amendments of the law relating to airports; to make provision with respect to the control of capital expenditure by local authority airport undertakings; and for connected purposes.1986-07-08texttext/xmlenStatute Law Database2024-05-17Expert Participation2009-10-01Part 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 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.

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<note class="commentary F" eId="key-0f41f53d055c7616fb9e2013d70a63de">
<p>
Words in
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substituted (1.10.2009) by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941">The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941)</ref>
,
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,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941/schedule/1/paragraph/68/3">Sch. 1 para. 68(3)</ref>
(with
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<portionBody period="#period1">
<part eId="part-II" period="#period3">
<num>Part II</num>
<heading> Transfer of Airport Undertakings of Local Authorities</heading>
<hcontainer name="crossheading" eId="part-II-crossheading-supplementary" period="#period1">
<heading> Supplementary</heading>
<section eId="section-26" period="#period1">
<num>26</num>
<heading> Avoidance of restrictions on transfer of securities of public airport companies.</heading>
<subsection eId="section-26-1">
<num>1</num>
<intro>
<p>Any provision to which this section applies shall be void in so far as it operates—</p>
</intro>
<paragraph eId="section-26-1-a">
<num>a</num>
<content>
<p>to preclude the holder of any securities of a public airport company from disposing of those securities or</p>
</content>
</paragraph>
<paragraph eId="section-26-1-b">
<num>b</num>
<content>
<p>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</p>
</content>
</paragraph>
<paragraph eId="section-26-1-c">
<num>c</num>
<intro>
<p>to preclude the holder of any such securities from disposing of those securities except—</p>
</intro>
<subparagraph eId="section-26-1-c-i">
<num>i</num>
<content>
<p>at a particular time or at particular times, or</p>
</content>
</subparagraph>
<subparagraph eId="section-26-1-c-ii">
<num>ii</num>
<content>
<p>on the fulfilment of particular conditions or in other particular circumstances</p>
</content>
</subparagraph>
</paragraph>
</subsection>
<subsection eId="section-26-2">
<num>2</num>
<intro>
<p>This section applies to any provision relating to any securities of a public airport company and contained in—</p>
</intro>
<paragraph eId="section-26-2-a">
<num>a</num>
<content>
<p>
the
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articles of association
</ins>
of the company or any other instrument purporting to regulate to any extent the respective rights and liabilities of the members of the company,
</p>
</content>
</paragraph>
<paragraph eId="section-26-2-b">
<num>b</num>
<content>
<p>any resolution of the company, or</p>
</content>
</paragraph>
<paragraph eId="section-26-2-c">
<num>c</num>
<content>
<p>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.</p>
</content>
</paragraph>
</subsection>
</section>
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