16In the [1967 c. 33.] Air Corporations Act 1967, except sections 23, 24, 28, 30(2) and 31(1) (which relate respectively to terms of employment, pensions, great national emergencies, pension schemes and statutory instruments), " the Board " shall mean the British Airways Board ; and accordingly in section 2(1) of that Act for the words from " as the" to "the Board")" there shall be substituted the words "as the British Airways Board" and in section 33(1) of that Act at the end of the definition of " the Board" there shall be inserted the words "in sections 23, 24, 28, 30(2) and 31(1) of this Act and means the British Airways Board in any other provision of this Act".
17In section 2(3) of that Act (which provides that the supplementary provisions contained in Schedule 1 to that Act shall have effect) after the word " shall" there shall be inserted the words ", subject to the provisions of the Civil Aviation Act 1971 and in particular of section 38(1)(d) of that Act,".
18(1)In section 3 of that Act (which relates to the functions of the corporations), in subsection (1) after the word " Act" there shall be inserted the words "and the Civil Aviation Act 1971".
(2)In subsection (2) of that section after the word "Act" there shall be inserted the words "or the said Act of 1971".
(3)In subsection (3) of that section for the words " under this subsection " there shall be substituted the words "by the Secretary of State by statutory instrument".
(4)In subsection (4) of that section for the words from the beginning to "provided" there shall be substituted the words "Notwithstanding anything in the preceding provisions of this section, each of the corporations shall have power with, but only with, the consent of the Board" and at the end of that subsection there shall be inserted the words "and the Board shall not give its consent in pursuance of this subsection except with the general or special consent of the Secretary of State, so however that his consent shall not be required in respect of a loan to the Board or the other corporation".
19(1)In section 7 of that Act (which relates to the borrowing powers of the corporations), in subsection (1) for the words " sections 16 and 22 of this Act" there shall be substituted the words "section 46 of the Civil Aviation Act 1971" and for the words from " as " to " discharging " there shall be substituted the words "in sterling or other currencies as the corporation may require for performing".
(2)For subsection (2) of that section there shall be substituted the following subsections—
“(1A)The Board shall not give its consent in pursuance of the preceding subsection for any borrowing except either with the consent of the Secretary of State given with the approval of the Treasury or in accordance with a general authority issued to it by the Secretary of State with the said approval.
(2)Each of the corporations may borrow from the Board such sums as the corporation may require for performing their functions.”
(3)In subsection (3) of that section after the word "with" there shall be inserted the words "the consent of the Secretary of State given with" and for the words from " required " onwards there shall be substituted the words "required by the corporation for performing their functions".
(4)Any sum borrowed in pursuance of any provision of the said section 7 and outstanding at the time when the preceding sub-paragraphs come into force shall after that time be deemed to be duly borrowed in pursuance of that provision of that section as modified by those sub-paragraphs.
20In subsection (7) of section 24 of that Act (which provides for consultation in connection with the making in pursuance of that section of certain regulations relating to pensions) the words from " in respect of relevant" to the end of paragraph (b) shall be omitted and at the end of that subsection there shall be inserted the words "and with the British Airways Board".
21(1)In section 25 of that Act (which relates to accounts and audit), in subsection (1) for the words from " approval" onwards there shall be substituted the words "consent of the Secretary of State given with the approval of the Treasury direct, showing the state of affairs and profit or loss of the corporation and its subsidiaries".
(2)At the end of subsection (2) of that section there shall be added the words "with the consent of the Secretary of State given with the approval of the Treasury".
(3)At the end of subsection (3) of that section there shall be added the words
“with the approval of the Secretary of State, and a person shall not be qualified to be so appointed unless he is a member of one or more of the following bodies—
the Institute of Chartered Accountants in England and Wales ;
the Institute of Chartered Accountants of Scotland ;
the Association of Certified Accountants ;
the Institute of Chartered Accountants in Ireland ;
any other body of accountants established in the United Kingdom and for the time being recognised for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948 by the Secretary of State,
but a Scottish firm may be so appointed if each of the partners therein is qualified to be so appointed”.
22(1)In section 28 of that Act (which relates to great national emergencies), in subsection (1) for the words " either of the corporations " there shall be substituted the words "the British Airways Board" and the words from " or of such persons " onwards shall be omitted.
(2)In subsection (2) of that section for the words " a corporation " and " them" there shall be substituted the words "the British Airways Board" and " it" respectively and the words " or under the direction of " shall be omitted.
23In section 35(1) of that Act (which relate to the Channel Islands and the Isle of Man) the proviso shall cease to have effect.
24(1)In Schedule 1 to that Act, in paragraph 7 (which relates to the remuneration of members of the corporations) after the word " thereof" there shall be inserted the words "(except a member who is also a member of the Board)" and for the words from " with " onwards there shall be substituted the word "determine".
(2)In paragraph 8(1) of that Schedule (which relates to pensions for members) after the word " pensions " there shall be inserted the words ", allowances or gratuities" and for the words from " with the " onwards there shall be substituted the words "determine and any provision made in relation to a member in pursuance of this paragraph shall be in addition to the provision, if any, made in relation to him by virtue of section 24(6) of this Act.
In this sub-paragraph " gratuities " includes a refund of contributions to a pension fund with or without interest on or any other addition to the contributions".
(3)In paragraph 9 of that Schedule (which relates to the payment of compensation to members) for the words from " the Board may" onwards there shall be substituted the words "the Board may require the corporation to make to that person a payment of such amount as the Board may determine".