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![handle is hein.pio/hcbillaapma0001 and id is 1 raw text is:
Civil Aviation Bill
EXPLANATORY AND FINANCIAL MEMORANDUM
Part I of the Bill reduces the Public Dividend Capital of
British Airways Board by £160 million. It also provides for
the vesting of the present undertaking of the Board in a Com-
panies Act company which will be promoted by the Secretary
of State ( the successor company ). Shares in the successor
company will initially be held on behalf of the Crown. The
Secretary of State may give directions with respect to the disposal
of shares so held.
Clause 1 reduces the Public Dividend Capital of British Air-
ways Board by £160 million.
Clause 2 provides that on a day to be appointed by the
Secretary of State all the property, rights, liabilities and obliga-
tions of British Airways Board whether or not they are situated
in or governed by the laws of the United Kingdom shall be vested
in a successor company. Agreements and transactions of the
Board shall be treated as agreements and transactions of the
successor company. The successor company shall be nominated
by the Secretary of State and shall be a Companies Act company
limited by shares held by or on behalf of the Crown. The Secre-
tary of State must consult the British Airways Board before
nominating the successor company.
Clause 3 provides that, on the vesting of the Board's property,
etc., in the successor company, the company shall issue fully
paid shares to the Secretary of State or his nominees, or to any-
one succeeding to their rights on allotment. The clause also
provides for the disposal of shares and rights acquired by virtue
of the clause (whether by the Secretary of State himself or by his
nominees in accordance with his directions) to be subject to
Treasury control. Stamp duty is not to be chargeable in respect
of any increase in the capital of the successor company certified
by the Treasury as having been effected for the purpose of com-
plying with the clause.
Clause 4 makes provision for the financial structure of the
successor company. It provides that the nominal value of the
[Bill 68]
A
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