(1)With the Treasury’s consent the Secretary of State may give a direction under this section to the CAA if he thinks that to do so would be appropriate in connection with a transfer scheme which has been or is proposed to be made.
(2)A direction may be given in relation to a company which is wholly owned by the CAA when the direction is given, and it may require the CAA—
(a)to release the company from liability in respect of debts which the company owes to the CAA and which are specified in the direction;
(b)to do so at a time when the company is wholly owned by the CAA;
(c)to become a party to such arrangements as the direction may specify with a view to the release taking effect.
(3)A direction may by virtue of subsection (2)(c) include provision as to instruments, their form and the time they are to be made.
(4)A direction has effect to require the CAA to act in accordance with it even if to do so would not be in furtherance of the CAA’s functions arising apart from this section.
(5)If a direction is given the Secretary of State may by order extinguish the CAA’s liability in respect of debts which satisfy these conditions—
(a)the CAA owes the debts to him,
(b)he thinks they correspond to those specified in the direction, and
(c)they are specified in the order.
(6)A direction or order may relate to liability for principal only.
Commencement Information
I1S. 57 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)