Part I Air traffic
Chapter II Transfer schemes
Extinguishment of liabilities
I158 Securities to be issued.
1
With the Treasury’s consent the Secretary of State may give one or more directions under this section if he thinks that to do so would be appropriate in connection with a direction which has been given under section 57.
2
A direction under this section may be given to a company falling within subsection (3), and it may require the company—
a
to issue to the appropriate person specified in the direction such securities of the company as the direction specifies, or
b
to issue to different appropriate persons so specified such securities of the company as the direction specifies.
3
These companies fall within this subsection—
a
the company whose liability the direction under section 57 requires to be released;
b
a company which wholly owns that company;
c
a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).
4
These are appropriate persons—
a
the Secretary of State;
b
the company whose liability the direction under section 57 requires to be released;
c
a company which wholly owns that company.
5
But a company does not fall within subsection (3), and a company is not an appropriate person, unless—
a
it is wholly owned by the Crown when the direction under this section is given, or
b
it is a wholly owned subsidiary of a company which is wholly owned by the Crown when the direction under this section is given.
6
Different directions may be given under this section to the same company; and different directions may be given to different companies.
7
A company which is given a direction under this section must issue securities in accordance with it.
8
Securities issued in pursuance of this section must be issued at such times and on such terms as the direction concerned specifies.
9
Shares issued in pursuance of this section—
a
must be of such nominal value as the direction concerned specifies, 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 issuing company of their nominal value in cash.