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

b

must be issued as fully paid and treated for the purposes of F1the Companies Act 2006 as if they had been paid up by virtue of the payment to the transferee of their nominal value in cash.