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Transport (Scotland) Act 1989

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7Transfer of shipping companies

(1)Part I of this Act shall not apply to that part of the Group’s undertaking which comprises the shipping companies.

(2)On a day appointed for the purposes of this section the securities of the shipping companies, so far as beneficially owned on that day by the Group, shall be transferred to, and by virtue of this Act vest in, the Secretary of State.

(3)An order appointing a day under subsection (2) above may make such amendments or repeals of any enactment (including an enactment contained in a local or private Act and any order, regulation or other instrument having effect by virtue of an Act) pertaining to the Group as appear to the Secretary of State to be necessary or expedient in consequence of the transfer.

(4)In this Part of this Act “securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company.

(5)For the purposes of this Part of this Act, the shipping companies are—

  • Caledonian MacBrayne Limited

  • David MacBrayne Limited.

(6)An order appointing a day under subsection (2) above shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

(7)Any dividends or other sums received by the Secretary of State in right of any shares held by him in any of the shipping companies shall be paid into the Consolidated Fund.

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