1Railways Board's powers of disposal
(1)Without prejudice to any powers conferred on them by any other enactment, the Railways Board shall have power to provide for the disposal, in such manner as they think fit, of—
(a)any securities of one of their subsidiaries which are held by the Board or by another of their subsidiaries ; or
(b)the whole or any part of the undertaking of, or of any property, rights or liabilities of, any of their subsidiaries.
(2)The Board shall not exercise their powers under subsection (1)(a) above except with the consent of the Secretary of State.
(3)For the purpose of facilitating the eventual disposal under this section of any part of their undertaking or of any property, rights or liabilities the Board may exercise their powers to establish subsidiaries and to transfer property, rights and liabilities to subsidiaries under section 7 of the [1968 c. 73.] Transport Act 1968, notwithstanding any provision of any enactment which may be taken to limit the circumstances in which, or the purposes for which, those powers may be exercised.
(4)In exercising their powers under this section the Board may, with the consent of the Secretary of State, provide for employees' share schemes to be established in respect of any of their subsidiaries; and any such scheme may provide for the transfer of shares without consideration.
(5)In this section " employees' share schemes" means schemes for encouraging or facilitating the holding of shares or debentures in a company by or for the benefit of—
(a)the bona fide employees or former employees of the company or of a subsidiary of the company; or
(b)the wives, husbands, widows, widowers or children or step-children under the age of 18 of such employees or former employees.