Air Corporations Act 1969 (repealed)

Air Corporations Act 1969

1969 CHAPTER 43

An Act to make new provision in relation to the finances of the British European Airways Corporation; and to amend the provisions of the Air Corporations Act 1967 relating to members of the corporations in order to prevent conflicts of interest.

[25th July 1969]

Modifications etc. (not altering text)

C1 British European Airways Corporation now dissolved: Civil Aviation Act 1971 (c. 75), s. 57(1) and S.I. 1973/2175

C2 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

1 †Financial assistance for B.E.A. by reduction of indebtedness and transfer of stock. U.K.

(1) As from 1st April 1968—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(b) all rights and liabilities which under the terms of issue of any stock issued under section 9 of the M1 Air Corporations Act 1949 (or any enactment repealed by that Act) were immediately before that date rights and liabilities of the Corporation shall be rights and liabilities of the Treasury.

(2)–(7) . . . F2

(8) The transitional provisions contained in Schedule 1 to this Act shall have effect in relation to subsection (1) of this section.

Textual Amendments

F1 s. 1(1)(a) repealed by Statute Law (Repeals) Act 1976 (c. 16), Sch. 1 Pt. XI

F2 ss. 1(2)–(7), 2, 3 repealed by Civil Aviation Act 1971 (c. 75), Sch. 11

Modifications etc. (not altering text)

C3 A dagger appended to a marginal note means that it is no longer accurate

C4 “the Corporation” means the British European Airways Corporation now dissolved

Marginal Citations

M1 1949 c. 91.

2—3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 ss. 1(2)–(7), 2, 3 repealed by Civil Aviation Act 1971 (c. 75), Sch. 11

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4 U.K.

Textual Amendments

F4 s. 4 repealed by S.I. 1973/2175

5 Short title, citation and interpretation. U.K.

(1) This Act may be cited as the Air Corporations Act 1969.

(2) The M2 Air Corporations Act 1967 and this Act may be cited together as the Air Corporations Acts 1967 and 1969.

(3) Except where the context otherwise requires, any reference in this Act to any enactment is a reference to that enactment as amended by any other enactment, including this Act.

Marginal Citations

M2 1967 c. 33.

SCHEDULES

Section 1.

SCHEDULE 1 U.K. Transitional Provisions

Part I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

Textual Amendments

F5 Sch. 1 Pt. I repealed by Statute Law (Repeals) Act 1976 (c. 16), Sch. 1 Pt. XI

Part II U.K. Transferred Stock

Renaming of stock U.K.

2 U.K. As from 1st April 1968 (in this Part of this Schedule referred to as “the date of transfer”) the following stock, that is to say—

(a) the 4¼ per cent. British European Airways Guaranteed Stock 1972-1977; and

(b) the 3 per cent. British European Airways Guaranteed Stock 1980-1983,

(being the issues comprised in the stock to which section 1(1)(b) of this Act applies) shall each be renamed by omitting the word “Guaranteed”.

Application of provisions applicable to government stock U.K.

3 U.K. As from the date of transfer, the stock to which section 1(1)(b) of this Act applies (in this Part of this Schedule referred to as “the stock”) shall be deemed for all purposes, but subject to the rights and liabilities mentioned in the said section 1(1)(b), to have been created and issued under the M3 National Loans Act 1968, and that Act and any other enactment, regulation or rule relating to securities issued under that Act shall apply accordingly to the stock.

Marginal Citations

M3 1968 c. 13.

4 U.K. As from the date of transfer, the M4 Airways Corporations Stock Regulations 1947 and the M5 Airways Corporations Stock Regulations 1948 shall be deemed not to have applied to the stock, but this paragraph shall not affect the validity of any thing done under or for the purposes of any provision of those regulations before the commencement of this Act, and any such thing shall continue to have effect after the commencement of this Act in relation to the stock and shall be deemed to have been done under or for the purposes of the corresponding enactment, regulation or rule for the time being applicable to the stock.

Marginal Citations

M4 S.I. 1947/99.

M5 S.I. 1948/2858.

Payments of interest U.K.

5 U.K. In relation to the person entitled to any payment of interest in respect of the stock before the commencement of this Act, any payment of such interest made by the British European Airways Corporation on or after the date of transfer shall have effect as if made by the Treasury.

Transitional adjustments U.K.

6 U.K. As soon as may be after the commencement of this Act there shall be made between the Treasury and the said Corporation all such adjustments in respect of the period beginning with the date of transfer and ending with the commencement of this Act as may be required for carrying section 1(1)(b) of this Act into effect, including in particular payments by the Treasury out of the National Loans Fund for reimbursing to the Corporation interest paid by them in respect of the stock during that period.

F6 F6 SCHEDULE 2 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6 Sch. 2 repealed by S.I. 1973/2175