Part I Air traffic
Chapter II Transfer schemes
Ownership of transferee companies
I149 Issue of securities.
1
This section applies if any property, rights or liabilities are transferred under a transfer scheme to a transferee which at the time of the transfer is a company falling within subsection (4).
2
The Secretary of State may give a direction under this section to the transferee if when the direction is given it is a company falling within subsection (4).
3
A direction under this section is one requiring the transferee—
a
to issue to the appropriate person such securities of the transferee as are specified in the direction,
b
to do so at a time or times (specified in the direction) when it is a company falling within subsection (4), and
c
to do so on such terms as are specified in the direction.
4
A company falls within this subsection if it is—
a
a company which is wholly owned by the Crown,
b
a company which is wholly owned by the CAA, or
c
a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).
5
The appropriate person is such of the following as the Secretary of State may specify in the direction—
a
the transferor;
b
the Secretary of State;
c
the CAA;
d
a company which is wholly owned by the Crown;
e
a company which is wholly owned by the CAA;
f
a company which is a wholly owned subsidiary of a company falling within paragraph (d) or (e).
6
Shares issued in pursuance of this section—
a
must be of such nominal value as may be specified in a direction given by the Secretary of State, and