The Airports Act 1986 (Government Shareholding) Order 1987

Statutory Instruments

1987 No. 2232

CIVIL AVIATION

The Airports Act 1986 (Government Shareholding) Order 1987

Made

22nd December 1987

Laid before Parliament

7th January 1988

Coming into force

28th January 1988

Whereas BAA plc, being the successor company(1) for the purposes of section 2 of the Airports Act 1986(2), has ceased to be wholly owned by the Crown, and whereas the Government shareholding in the company as defined in section 7 of that Act comprises shares in the company carrying 4.548 per cent of the voting rights exercisable at general meetings of the company;

Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 7 of that Act, hereby makes the following Order:

1.  This Order may be cited as the Airports Act 1986 (Government Shareholding) Order 1987 and shall come into force on 28th January 1988.

2.  The target investment limit in relation to the Government shareholding in BAA plc for the time being shall be 4.548 per cent of the voting rights exercisable at general meetings of the company.

Signed by authority of the Secretary of State.

Peter Bottomley

Parliamentary Under Secretary of State,

Department of Transport

22nd December 1987

Explanatory Note

(This note is not part of the Order)

This Order sets the target investment limit for the Government shareholding in BAA plc at 4.548 per cent of the voting rights exercisable at general meetings of the company, being the proportion of those rights carried by shares which, at the date this Order is made, are held by or on behalf of the Treasury or by or on behalf of the Secretary of State, as required by section 7 of the Airports Act 1986. BAA plc ceased to be wholly owned by the Crown on 28th July 1987.

(1)

See S.I. 1986/1229.

(2)

1986 c. 31.