Aircraft and Shipbuilding Industries Act 1977 (repealed)

19 Vesting in British Aerospace or British Shipbuilders of securities of Scheduled companies. U.K.

(1) Subject to the provisions of this Part of this Act, on the aircraft industry vesting date all securities of the companies which on 29th October 1974 were known by the names specified on Part I of Schedule 1 to this Act, being the companies other than any excepted company which on that date fulfilled the conditions in Part II of that Schedule, shall, by virtue of this section, vest in British Aerospace free from all trusts and incumbrances.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) [F2 Each Corporation shall, in respect of the securities of any company which vest in it by virtue of this Part of this Act, be entitled or subject, as from the date of transfer, to the exclusion of the previous holders thereof, to all the rights, privileges and advantages and all the liabilities and obligations arising from the holding of those securities, in all respects as if the securities had been duly transferred to the Corporation in accordance with the enactments and rules of law (other than this Act) applicable thereto and everything necessary to make those rights, privileges, advantages, liabilities and obligations fully effective had been duly done.]

(4) [F2 Without prejudice to subsection (3) above, all persons concerned with the keeping of the register of the holders of any such securities as are referred to in that subsection shall forthwith register the relevant Corporation therein and the company concerned shall forthwith issue to that Corporation the appropriate documents of title relating to the securities of the company which vest in that Corporation by virtue of this Part of this Act.]

(5) [F2 In this section—

• “excepted company” means any company—

  (a)

  which before 21st November 1975 a court has ordered to be wound up; or

  (b)

  which before that day has passed a resolution for voluntary winding up; or

  (c)

  of whose property a receiver has been appointed before that date; and

• “securities”, in relation to a company, does not include any security forming part of the loan capital of the company, the terms of which enable it to be redeemed, either without notice or upon not more than one year’s notice, at a price not exceeding the nominal amount of the security together with any outstanding interest, at any time after the creation of the security or the expiry of a period not exceeding one year after the creation of the security.]

Textual Amendments

F1 S. 19(2) omitted (22.3.2013) by virtue of The Public Bodies (Abolition of British Shipbuilders) Order 2013 (S.I. 2013/687), art. 1(2), Sch. 1 para. 3(3)(a)

F2 S. 19(3)-(5) ceases to have effect (22.3.2013) by virtue of The Public Bodies (Abolition of British Shipbuilders) Order 2013 (S.I. 2013/687), art. 1(2), Sch. 1 para. 3(3)(b)

Modifications etc. (not altering text)

C1 29.4.1977 appointed under s. 56(1) as aircraft industry vesting date by S.I. 1977/539, art. 2

C2 1.7.1977 appointed under s. 56(1) as shipbuilding industry vesting date by S.I. 1977/540, art. 2