Statutory Instrument 1988 No. 1984

The Transfer of Functions (Government Shareholding in British Airways Plc) Order 1988

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© Crown Copyright 1988

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1988 No. 1984

MINISTERS OF THE CROWN

The Transfer of Functions (Government Shareholding in British Airways Plc) Order 1988

At the Court at Buckingham Palace, the 14th day of November 1988

Present,

The Queen's Most Excellent Majesty in Council

Her Majesty, in pursuance of section 1 of the Ministers of the Crown Act 1975^[1] is pleased, by and with the advice of Her Privy Council, to order, and it is hereby ordered, as follows:—

Citation and commencement
    1.    (1)  This Order may be cited as the Transfer of Functions (Government Shareholding in British Airways Plc) Order 1988.

    (2)  This Order shall come into force on 14th December 1988.

Transfer of functions
    2.    There are hereby transferred to the Treasury so as to be exercisable concurrently with the Secretary of State—
 (a) the Secretary of State's function of holding and disposing of the shares in and securities of British Airways Plc acquired by him or a nominee of his under section 4 or 6 of the Civil Aviation Act 1980^[2]; and
 (b) his functions under sections 6 and 7(3) and (4) of that Act.

Supplemental
    3.—(1)  The functions which by virtue of this Order are exercisable by the Treasury in respect of the acquisition, holding or disposal of shares or securities may be exercised through a nominee who shall hold and deal with them on such terms and in such manner as the Treasury may direct.

    (2)  In section 7 of the said Act of 1980 "Government shareholding" shall include shares for the time being held by, or by a nominee of, the Treasury.

    (3)  The enactments and instrument mentioned in the Schedule to this Order shall be amended in accordance with that Schedule.

G. I. de Deney

Clerk of the Privy Council

[1] 1975 c. 26. back

[2] 1980 c. 60. back

Explanatory Note