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Air Corporations Act 1966

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This is the original version (as it was originally enacted).

1Capital reconstruction of B.O.A.C

(1)As from 1st April 1965—

(a)all outstanding liabilities of the British Overseas Airways Corporation in respect of advances made before that date to the Corporation under section 42 of the Finance Act 1956 or section 3 of the Air Corporations Act 1962 shall be extinguished; and

(b)all rights and liabilities which under the terms of issue of the stock issued under section 9 of the Air Corporations Act 1949 (in this Act referred to as "the principal Act") or any enactment repealed by that Act were immediately before that date rights and liabilities of the Corporation shall be rights and liabilities of the Treasury.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)The sum of £31 million shall be deemed to have been borrowed by the Corporation from the Minister of Aviation (hereafter in this Act referred to as "the Minister") on the said 1st April and to have been then advanced by him to the Corporation under section 3 of the said Act of 1962; and the sum of £35 million shall be deemed to have been paid by him to the Corporation under section 2 of this Act.

(3)In section 12(1) of the principal Act (which restricts borrowing by the Corporation to a limit of £260 million or such greater sum not exceeding £300 million as the Minister may from time to time by order specify) for the references to £260 million and £300 million there shall be substituted respectively references to £90 million and £120 million, and the limit imposed by the said section 12(1) shall apply to the sum of—

(a)the aggregate amount outstanding in respect of the principal of any moneys borrowed by the Corporation, including in such moneys the sum deemed to have been borrowed by the Corporation by virtue of subsection (2) above; and

(b)the aggregate of any sums paid to the Corporation under section 2 of this Act, including the sum deemed to have been so paid by virtue of the said subsection (2), but not any sum treated as so paid by virtue of a direction under section 2(3)(b) of this Act.

(4)Schedule 1 to this Act shall have effect for the purposes of subsection (1)(b) of this section.

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