S. 50 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)

http://www.legislation.gov.uk/ukpga/2000/38/section/50Transport Act 2000An Act to make provision about transport.texttext/xmlenStatute Law Database2024-07-17Expert Participation2024-05-30Part I Air trafficChapter II Transfer schemes Ownership of transferee companies
50 Government investment in 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

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).

2

The Treasury or the Secretary of State with the Treasury’s consent may—

a

acquire securities of the transferee by subscription or purchase;

b

acquire options to acquire or dispose of securities of the transferee.

3

The Secretary of State must not dispose of any securities or options acquired under this section without the Treasury’s consent.

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<note class="commentary I" eId="c14879351">
<p>
S. 50 wholly in force at 1.2.2001, see s. 275(1)(2) and
<ref href="http://www.legislation.gov.uk/id/uksi/2001/57">S.I. 2001/57</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/57/article/3/1">art. 3(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/57/schedule/2/part/I">Sch. 2 Pt. I</ref>
(subject to the transitional provision and saving in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/57/schedule/2/part/II">Sch. 2 Pt. II</ref>
)
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<ukm:AffectedTitle>Transport Act 2000</ukm:AffectedTitle>
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<portionBody eId="body" period="#period5">
<part eId="part-I" period="#period4">
<num>Part I</num>
<heading> Air traffic</heading>
<chapter eId="part-I-chapter-II" period="#period3">
<num>Chapter II</num>
<heading> Transfer schemes</heading>
<hcontainer name="crossheading" eId="part-I-chapter-II-crossheading-ownership-of-transferee-companies" period="#period2">
<heading> Ownership of transferee companies</heading>
<section eId="section-50" period="#period1">
<num>
<noteRef href="#c14879351" marker="I1" class="commentary I"/>
50
</num>
<heading> Government investment in securities.</heading>
<subsection eId="section-50-1">
<num>1</num>
<intro>
<p>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—</p>
</intro>
<paragraph eId="section-50-1-a">
<num>a</num>
<content>
<p>a company which is wholly owned by the Crown,</p>
</content>
</paragraph>
<paragraph eId="section-50-1-b">
<num>b</num>
<content>
<p>
a company which is wholly owned by the
<abbr class="Acronym" title="Civil Aviation Authority">CAA</abbr>
, or
</p>
</content>
</paragraph>
<paragraph eId="section-50-1-c">
<num>c</num>
<content>
<p>a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-50-2">
<num>2</num>
<intro>
<p>The Treasury or the Secretary of State with the Treasury’s consent may—</p>
</intro>
<paragraph eId="section-50-2-a">
<num>a</num>
<content>
<p>acquire securities of the transferee by subscription or purchase;</p>
</content>
</paragraph>
<paragraph eId="section-50-2-b">
<num>b</num>
<content>
<p>acquire options to acquire or dispose of securities of the transferee.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-50-3">
<num>3</num>
<content>
<p>The Secretary of State must not dispose of any securities or options acquired under this section without the Treasury’s consent.</p>
</content>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
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