Textual Amendments
F1Pt. I (ss. 1-7) repealed (E.W.S.) by Transport Act 1985 (c. 67, SIF 126), s. 139(3), Sch. 8
(1)For the purpose of facilitating the eventual disposal under section 1(1) of this Act of—
(a)any part of the undertaking of or any property, rights or liabilities of, the Bus Company, or
(b)the whole or any part of the undertaking of, or any property, rights or liabilities of, any of their subsidiaries;
the Company may exercise their powers to establish subsidiaries and to transfer property, rights and liabilities to subsidiaries, notwithstanding the provisions of any enactment which may be taken to limit the purposes for which those powers may be exercised.
(2)The Bus Company may also, for the purpose mentioned in subsection (1) above, make schemes for the transfer, between the Company and a wholly owned subsidiary of theirs or between one such subsidiary and another, of—
(a)any specified property, rights or liabilities; or
(b)all property, rights and liabilities comprised in a specified part of the transferor’s undertaking;
and a scheme under this subsection may contain such supplementary, incidental and consequential provisions as may appear to the Company to be necessary or expedient.
(3)Before making a scheme under subsection (2) above which provides for the transfer of rights and liabilities under contracts of employment, the Bus Company shall consult with persons appearing to them to represent the employees concerned.
(4)A scheme under subsection (2) above shall not come into force until it has been approved by the Secretary of State or until such date as the Secretary of State may, in giving his approval, specify; and the Secretary of State may approve a scheme either without modifications or with such modifications as, after consultation with the Bus Company, he thinks fit.
(5)On the coming into force of a scheme under subsection (2) above the property, rights and liabilities in question shall, subject to subsection (6) below, be transferred and vest in accordance with the scheme.
(6)Schedule 4 to the M1Transport Act 1968 (supplementary provisions as to certain transfers of property, rights and liabilities) shall apply to any transfer under subsection (5) above subject to—
(a)any reference in that Schedule to a transfer by or a vesting by virtue of that Act being construed as a reference to a transfer by or a vesting by virtue of the scheme in question; and
(b)the reference in paragraph 13(5) of that Schedule to the relevant provisions of that Act being construed as a reference to the relevant provisions of this Act;
and that subsection shall have effect subject to the provisions of that Schedule.]
Textual Amendments
F2Pt. I (ss. 1-7) repealed (E.W.S.) by Transport Act 1985 (c. 67, SIF 126), s. 139(3), Sch. 8
Marginal Citations