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British Aerospace Act 1980

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This is the original version (as it was originally enacted).

3Initial Government shareholding in the successor company

(1)As a consequence of the vesting in the successor company by virtue of section 1 of this Act of all the property, rights, liabilities and obligations of British Aerospace, the successor company shall issue—

(a)to the Secretary of State ; or

(b)to any person entitled to require the issue of the shares in question following their initial allotment to the Secretary of State;

such shares in the company as the Secretary of State may direct.

(2)Shares required to be issued in pursuance of this section shall be issued or allotted at such time or times and on such terms (as to allotment) as the Secretary of State may direct.

(3)Shares issued in pursuance of this section—

(a)shall be of such nominal value as the Secretary of State may direct; and

(b)shall be issued as fully paid and treated for the purposes of the Companies Acts 1948 to 1980 as if they had been paid up by virtue of the payment to the successor company of their nominal value in cash.

(4)The Secretary of State may not dispose of any shares issued or of any rights to shares initially allotted to him in pursuance of this section, or give any directions for the purposes of this section, without the consent of the Treasury.

(5)Any dividends or other sums received by the Secretary of State in right of or on the disposal of any shares or rights acquired by virtue of this section shall be paid into the Consolidated Fund.

(6)Stamp duty shall not be chargeable under section 47 of the Finance Act 1973 in respect of any increase in the capital of the successor company which is certified by the Treasury as having been effected for the purpose of complying with the requirements of this section.

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