LegalizeAircraft and Shipbuilding Industries Act 1977 (repealed)
PART I — The Corporations
Constitution and functions
Short title and extent.
1
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General duties of the Corporations
2
Powers of the Corporations
3
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Corporations to give effect to directions of Secretary of State
4
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Duties of the Corporations to review and report on management of their affairs
5
Machinery for settling terms and conditions of employment etc.
6
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Formulation of the Corporations' policies and plans and conduct of their operations
7
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Furnishing and publication of information by the Corporations
8
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Control by Corporations of wholly owned subsidiaries
9
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Financial provisions
Financial duties of the Corporations
10
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Borrowing powers of the Corporations and their wholly owned subsidiaries
11
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Loans by the Secretary of State to the Corporations
12
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Treasury guarantees
13
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Transfer to Corporations of rights and obligations with respect to certain government loans
14
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The commencing capital of each Corporation
15
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Public dividend capital and public dividends
16
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Accounts and audit
17
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Annual report
18
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Part II — Vesting of Securities and other Assets in the Corporations and acquired Companies
Acquisition of securities and assets
Vesting in British Aerospace or British Shipbuilders of securities of Scheduled companies
19
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Vesting in acquired company of certain assets of privately owned companies in same group
20
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Certain loans from associated persons to be treated as securities
21
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Determination of rights to require the issue of securities or to nominate directors
22
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Payments of dividend and interest
Control of dividends and interest
23
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Permitted dividends and interest
24
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Final payments of dividend and interest
25
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Safeguarding of assets, avoidance of certain transactions, et ceteralaetc.
Power to acquire securities of certain additional companies
26
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Removal of company from companies to be acquired
27
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Prohibition of transfer of certain works
28
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Recovery of assets transferred away
29
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Dissipation of assets by transactions involving holders of securities etc.
30
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Onerous transactions: disclaimer and recovery of losses
31
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Provisions supplementary to section 31
32
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Supplementary provisions relating to dissipation of assets
33
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Approvals and undertakings given before passing of Act
34
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Compensation
Compensation for vesting of securities
35
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Payment of compensation
36
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Base value of securities of a listed class
37
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Base value of other securities
38
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The appropriate deduction
39
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General provisions as to compensation stock
40
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Stockholders' representatives
41
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Part III — Miscellaneous and General
Arbitration and the Arbitration Tribunal
The arbitration tribunal
42
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Scottish proceedings
43
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Staff and expenses of arbitration tribunal
44
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The Corporations
Payments to British Aerospace and wholly owned subsidiaries
45
Restrictions on payments under Civil Aviation Act 1949
46
- (1) Subject to subsection (2) below, in carrying out his duty under section 1(1) of the Civil Aviation Act 1949 of organising, carrying out and encouraging measures for the designing, development and production of civil aircraft, the Secretary of State shall not, on and after the aircraft industry vesting date, make or agree to make any payment to British Aerospace or any of its wholly owned subsidiaries except in the exercise of his powers under this Act.
- (2) Nothing in subsection (1) above shall apply to a payment to a company if the terms have been settled between the Secretary of State and the company before the aircraft industry vesting date.
Right of persons to object to practices of British Shipbuilders or their wholly owned subsidiaries
47
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Duty of the Corporations to consult etc. with Northern Ireland state-controlled bodies
48
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Pensions et ceteralaetc.
Provisions as to pension rights
49
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Compensation for loss of employment, emoluments or pension rights
50
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Information
Furnishing of information to the Secretary of State
51
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Restriction on disclosure of information
52
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Liabilities, et ceteralaetc.
Liabilities of Corporations etc.
53
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General
Service of notices
54
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Administrative expenses
55
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Interpretation
56
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Short title and extent
57
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SCHEDULE 1
Part I — Companies whose Securities are to Vest in British Aerospace
Part II — Qualifying Conditions
1
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2
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SCHEDULE 2
Part I — Companies whose Securities are to Vest in British Shipbuilders
Shipbuilding companies
Companies manufacturing slow speed diesel marine engines
Training companies
Part II — Qualifying Conditions
1
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2
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3
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4
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5
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SCHEDULE 3
1
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2
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3
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4
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5
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6
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7
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8
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SCHEDULE 4
1
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2
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3
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4
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5
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6
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7
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SCHEDULE 5
1
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2
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3
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4
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5
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6
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7
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8
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9
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SCHEDULE 6
Appointment and tenure of office
1
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2
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3
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4
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5
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Meetings of holders of securities
6
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7
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8
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Procedure at meetings
9
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10
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11
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12
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13
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Service of documents
14
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Supplementary
15
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16
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17
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SCHEDULE 7
Part I — Proceedings other than Scottish Proceedings
1
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2
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3
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4
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5
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Part II — Scottish Proceedings
6
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7
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8
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9
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10
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11
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Part III — All Proceedings
12
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13
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British Aerospace and British Shipbuilders.
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4A
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4B
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Discontinuance and restriction of British Shipbuilders activities.
British Aircraft Corporation Limited
APPENDIX
Appointment of proxy for voting
Editorial notes
Machinery for settling terms and conditions of employment etc.
Staff and expenses of arbitration tribunal.
British Aircraft Corporation Limited
British Aircraft Corporation Limited
Staff and expenses of arbitration tribunal.
Short title and extent.
Hawker Siddeley Aviation Limited
Vesting in British Aerospace or British Shipbuilders of securities of Scheduled companies.
Staff and expenses of arbitration tribunal.
Short title and extent.
British Aircraft Corporation Limited
Short title and extent.
British Aircraft Corporation Limited
Short title and extent.
British Aircraft Corporation Limited
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