(1)This section applies if—
(a)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 (2), and
(b)at a time after the transfer the condition set out in subsection (3) is satisfied.
(2)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).
(3)The condition is that—
(a)the transferee continues to be, or becomes and continues to be, a company which is wholly owned by the Crown or a wholly owned subsidiary of such a company, or
(b)the Crown continues to hold any special share provided for under the transferee’s articles of association.
(4)For the purposes of the provisions of the [1985 c. 6.] Companies Act 1985 listed in subsection (5) none of the persons listed in subsection (8) is to be regarded as a shadow director of the transferee or of a company associated with the transferee at a time while the condition set out in subsection (3) is satisfied.
(5)The provisions are—
(a)section 288 (register of directors);
(b)section 305 (directors' names on correspondence etc);
(c)section 317 (disclosure of interests in contracts);
(d)section 320 (transactions involving directors);
(e)section 323 (prohibition on dealing in share options);
(f)section 324 (disclosure of shareholdings);
(g)section 325 (register of directors' interests);
(h)section 330 (restriction on loans).
(6)For the purposes of the provisions of the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986 listed in subsection (7) none of the persons listed in subsection (8) is to be regarded as a shadow director of the transferee or of a company associated with the transferee at a time while the condition set out in subsection (3) is satisfied.
(7)The provisions are—
(a)Article 296 (register of directors);
(b)Article 313 (directors' names on correspondence etc);
(c)Article 325 (disclosure of interests in contracts);
(d)Article 328 (transactions involving directors);
(e)Article 331 (prohibition on dealing in share options);
(f)Article 332 (disclosure of shareholdings);
(g)Article 333 (register of directors' interests);
(h)Article 338 (restriction on loans).
(8)The persons are—
(a)a Minister of the Crown;
(b)a Northern Ireland Minister;
(c)a nominee of a person falling within paragraph (a) or (b);
(d)a Northern Ireland Department.
(9)A special share is a share which can be held only by the Crown and which gives the shareholder the right to prevent certain events by withholding consent.
(10)A company is associated with the transferee if the conditions in subsections (11) and (12) are satisfied.
(11)The first condition is that the company is designated for the purposes of this subsection by an order of the Secretary of State.
(12)The second condition is that the company is—
(a)wholly owned by the Crown, or
(b)a subsidiary of the transferee.