http://www.legislation.gov.uk/ukpga/2000/38/section/50Transport Act 2000An Act to make provision about transport.texttext/xmlenStatute Law Database2024-07-17Expert Participation2024-05-30 Part I Air trafficChapter II Transfer schemes Ownership of transferee companies Government investment in securities.501This 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—aa company which is wholly owned by the Crown,ba company which is wholly owned by the CAA, orca company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).2The Treasury or the Secretary of State with the Treasury’s consent may—aacquire securities of the transferee by subscription or purchase;bacquire options to acquire or dispose of securities of the transferee.3The Secretary of State must not dispose of any securities or options acquired under this section without the Treasury’s consent.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)
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146(1)(defn.)(a)(b)
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<Part DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/part/I" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/part/I" NumberOfProvisions="121" id="part-I" RestrictExtent="E+W+S+N.I." RestrictStartDate="2021-07-29">
<Number>Part I</Number>
<Title> Air traffic</Title>
<Chapter DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/part/I/chapter/II" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/part/I/chapter/II" NumberOfProvisions="25" id="part-I-chapter-II" RestrictStartDate="2015-01-31">
<Number>Chapter II</Number>
<Title> Transfer schemes</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/part/I/chapter/II/crossheading/ownership-of-transferee-companies" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/part/I/chapter/II/crossheading/ownership-of-transferee-companies" NumberOfProvisions="3" id="part-I-chapter-II-crossheading-ownership-of-transferee-companies" RestrictStartDate="2009-10-01">
<Title> Ownership of transferee companies</Title>
<P1group RestrictStartDate="2001-02-01">
<Title> Government investment in securities.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/section/50" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/section/50" id="section-50">
<Pnumber>
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50
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<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/section/50/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/section/50/1" id="section-50-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>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—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>a company which is wholly owned by the Crown,</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>
a company which is wholly owned by the
<Acronym Expansion="Civil Aviation Authority">CAA</Acronym>
, or
</Text>
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<Pnumber>c</Pnumber>
<P3para>
<Text>a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).</Text>
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</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2000/38/section/50/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2000/38/section/50/2" id="section-50-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Treasury or the Secretary of State with the Treasury’s consent may—</Text>
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<Pnumber>a</Pnumber>
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<Text>acquire securities of the transferee by subscription or purchase;</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>acquire options to acquire or dispose of securities of the transferee.</Text>
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</P2para>
</P2>
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<Pnumber>3</Pnumber>
<P2para>
<Text>The Secretary of State must not dispose of any securities or options acquired under this section without the Treasury’s consent.</Text>
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<Para>
<Text>
S. 50 wholly in force at 1.2.2001, see s. 275(1)(2) and
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,
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,
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(subject to the transitional provision and saving in
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)
</Text>
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