Part IVTransport

Chapter IIILondon Regional Transport

170Powers 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—

    1. a

      by way of sale, exchange or lease,

    2. b

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

    3. 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.