Part I Air traffic
Chapter II Transfer schemes
Ownership of transferee companies
I150 Government investment in securities.
1
This section applies if any property, rights or liabilities are transferred under a transfer scheme to a transferee which at the time of the transfer is—
a
a company which is wholly owned by the Crown,
b
a company which is wholly owned by the CAA, or
c
a company which is a wholly owned subsidiary of a company falling within paragraph (a) or (b).
2
The Treasury or the Secretary of State with the Treasury’s consent may—
a
acquire securities of the transferee by subscription or purchase;
b
acquire options to acquire or dispose of securities of the transferee.
3
The Secretary of State must not dispose of any securities or options acquired under this section without the Treasury’s consent.