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British Aerospace Act 1980

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This is the original version (as it was originally enacted).

5Government investment in shares and securities of the successor company

(1)The Secretary of State may at any time, with the consent of the Treasury, acquire—

(a)ordinary voting shares in the successor company ;

(b)securities of the successor company or of any subsidiary of the successor company which are convertible into or carry rights to subscribe for ordinary voting shares in the successor company ; or

(c)rights to subscribe for any such shares.

(2)In subsection (1) above " ordinary voting shares " means shares in the company which—

(a)carry voting rights at general meetings of the company;

and

(b)carry a right to participate in any distribution (whether of dividends or of capital) without limit as to amount (but the right to participate in distributions need not extend to a dividend declared out of profits earned during any period falling wholly or partly before the date of acquisition of the shares).

(3)The Secretary of State may not dispose of any shares or other securities or rights acquired under this section without the consent of the Treasury.

(4)Any expenses incurred by the Secretary of State in consequence of the provisions of this section shall be paid out of moneys provided by Parliament.

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

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