Railways Act 1993 (c. 43)

Part II U.K. Re-organisation of the Railways

Modifications etc. (not altering text)

C1 Pt. II (ss. 84-116) excluded (retrospective to 5.11.1993) by 1994 c. 9, s. 252, Sch. 24 para. 4(1)

Pt. II (ss. 84-116) excluded (retrospective to 11.1.1994) by 1994 c. 9, s. 252, Sch. 24 para. 8(4)

Pt. II (ss. 84-116) excluded (retrospective to 5.11.1993) by 1994 c. 9, s. 252, Sch. 24 para. 17(2) (with s. 252(2))

Ownership of successor companies E+W+S

99 Government investment in securities of successor companies. E+W+S

(1) The Treasury or, with the approval of the Treasury, the Secretary of State may at any time acquire securities of a successor company which at that time is—

(a) a wholly owned subsidiary of the Board; or

(b) wholly owned by the Crown.

(2) The Secretary of State shall not dispose of any securities acquired under this section without the approval of the Treasury.

(3) Any expenses incurred by the Treasury or the Secretary of State in consequence of the provisions of this section shall be paid out of money provided by Parliament.

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