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 F1articles 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.