http://www.legislation.gov.uk/ukpga/1980/34/section/45Transport Act 1980An Act to amend the law relating to public service vehicles; to make provision for and in connection with the transfer of the undertaking of the National Freight Corporation to a company; to provide for the making of payments by the Minister of Transport in aid of certain railway and other pension schemes; to amend Part VI of the Road Traffic Act 1972 as regards car-sharing arrangements; to make amendments about articulated vehicles; to prohibit the display of certain roof-signs on vehicles other than taxis; to abolish the Freight Integration Council and the Railways and Coastal Shipping Committee; to repeal certain provisions about special authorisations for the use of large goods vehicles and about charges on independent tramways, trolley vehicles and the like; and for connected purposes.texttext/xmlenStatute Law Database2015-08-10Expert Participation2005-06-08 Part II451On the appointed day the whole of the undertaking of the National Freight Corporation (in this Part referred to as “the Corporation”) shall, subject to subsection (4), be transferred by virtue of this section and without further assurance to a company formed for the purposes of this section and nominated under subsection (5) (in this Part referred to as “the successor company”).2In this Part “the appointed day” means such day as the Minister, with the consent of the Treasury, may appoint for the purposes of this section by order made by statutory instrument.3References in this Part to the undertaking of the Corporation are references to all the property, rights, liabilities and obligations of the Corporation, whether or not of such a nature that they could be assigned by the Corporation.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5The Minister may by order made by statutory instrument nominate for the purposes of this section a company formed and registered under the Companies Act 1948 which on the appointed day satisfies the following requirements, that is to say—ait is a company limited by shares; andball the issued shares of the company are held by the Minister or by nominees for him.6This section shall have effect subject to the provisions of Schedule 6, being supplementary provisions with respect to the transfer by virtue of this section of the undertaking of the Corporation to the successor company; but nothing in those provisions shall be taken as prejudicing the general effect of subsection (1).1.10.1980 appointed under s. 45(2) by S.I. 1980/1380, art 31948 c. 38. S. 45(4) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 5 Group 14