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4.47 pm
Mrs. Gwyneth Dunwoody (Crewe and Nantwich): I beg to move, That the clause be read a Second time.
Mr. Deputy Speaker (Sir Alan Haselhurst): With this it will be convenient to discuss the following: New clause 36--Transfer to be to not for profit company--
'.--(1) Any property, rights or liabilities shall only be transferred under a transfer scheme to a not for profit company.
(2) The transfer of property, rights or liabilities under a transfer scheme may be by such means, including sale or lease, and on such terms as the Secretary of State, with the approval of the Treasury, may determine.
(3) A transfer scheme shall not come into force unless a draft of the scheme has been laid before and approved by resolution of each House of Parliament.
(4) A not for profit company to which any property, rights or liabilities have been transferred under a transfer scheme shall not--
(a) issue any shares or share rights; or
(b) pay any dividend or profits to its members.
(5) For purposes of this Part, "not for profit company" means a company--
(a) which has been formed and registered as a company limited by guarantee under the Companies Act 1985 or the Companies (Northern Ireland) Order 1986; and
(b) the membership of which, in the opinion of the Secretary of State includes those who are representative of providers, employees and users of aviation, air travel, air navigation and related services.'.
New clause 37--Parliamentary approval of transfer scheme--
'.--(1) A transfer scheme made by the CAA or the Secretary of State shall not come into force unless it has been approved by a resolution of each House of Parliament passed on a motion moved by or on behalf of the Secretary of State.
(2) No such motion shall be moved by or on behalf of the Secretary of State unless at least seven days before the date on which the motion is to be debated by either House of Parliament he has caused a report to be laid before both Houses which--
(a) sets out the progress which has been made in respect of any project for the development of facilities connected with national air traffic services which was commissioned by the transferor before the date on which this Act received Royal Assent; and
(b) confirms that the Treasury have given their consent to the proposed transfer.'.
New clause 26--Disposal of shareholding in designated company--
'(1) The Secretary of State shall procure the disposal of at least 51 per cent. of the shares in the designated company referred to in section 49 by way of an offer to the public of such shares and shall secure acceptance for an application for admission to the Official List (within the meaning of Part IV of the Financial Services Act 1986) in respect of such shares.
(2) The terms on which such shares are offered to the public, as to price and otherwise, shall be such as the Secretary of State considers appropriate for the purposes of--
(a) securing the best price reasonably obtainable for those shares;
(b) securing widespread ownership of such shares by individual members of the public as well as institutions.
(3) Any transfer or issue of a share or shares pursuant to such offer or any subsequent transfer or issue of a share or shares in the company in question shall have no legal effect (and in particular the transferee or allottee of such share or shares shall not be registered as a member of the company or exercise any rights in respect of such share or shares) if such transfer or issue would result in the legal or beneficial ownership of a majority of shares carrying voting rights in, or control of, the company passing to a person who is not a British citizen.
(4) For the purposes of subsection (3)--
(a) a company shall be deemed to be controlled by a person or persons who singly or together have the right to appoint or remove a majority of the company's board of directors holding a majority of the voting rights at meetings of the board on all, or substantially all, matters or if it is deemed to be controlled for the purposes of section 840 of the Income and Corporation Taxes Act 1988;
(b) a company shall be deemed to be controlled by a person if it is controlled by a company or companies controlled by such a person.
(5) The Secretary of State shall give to any such company as is referred to in section 48(1) above whatever directions may be necessary for implementing the provisions of this section.
(6) The Secretary of State shall only take action under this section or section 49 or exercise any power in respect of the transfer or issue of shares in such company as referred to in section 48(1) if he has first obtained the agreement by resolution of both Houses of Parliament.'.
Amendment No. 421, in clause 40, page 26, line 5, leave out from "which" to end of line 24 and insert--
'contains provisions for the transfer of--
(a) any of the CAA's property, rights or liabilities or of all or part of its undertaking; or
(b) the property, rights or liabilities of a company (the transferor) which is wholly owned by the CAA or all or part of the transferor's undertaking;
to a company which is wholly owned by the Crown.'.
Amendment No. 438, in clause 42, page 27, line 30, leave out from "unless" to end of line 31 and insert--
'a draft of the scheme has been laid before and approved by resolution of each House of Parliament in accordance with section [Transfer to be to not for profit company].'
Amendment No. 452, in page 27, line 32, after "that", insert--
'and to section [Parliamentary approval of transfer scheme].'.
Amendment No. 439, in page 27, line 33, leave out from "force" to end of line 37.
Amendment No. 440, in page 27, line 40, at beginning insert--
'The Secretary of State may modify a scheme before it is laid in draft before Parliament and'.
Amendment No. 422, in page 27, line 40,, leave out--
'or transferee (other than the Secretary of State)'.
Amendment No. 441, in page 27, line 42, leave out "to approve and modify".
Amendment No. 453, in clause 43, page 28, line 12, at beginning insert--
'Subject to section [Parliamentary approval of transfer schemes],'.
Amendment No. 442, in page 28, line 12, after "section", insert--
'shall not come into force unless a draft of the scheme has been laid before and approved by resolution of each House of Parliament in accordance with section [Transfer to be to not for profit company] but, subject to that requirement,'.
Amendment No. 423, in clause 45, page 29, line 25, leave out from "scheme" to end of line 34.
Amendment No. 424, in clause 46, page 30, leave out lines 25 to 27.
Amendment No. 425, in page 31, line 1, leave out Clauses 47 to 49.
Amendment No. 454, in clause 49, page 32, line 9, at end insert--
'(2A) The Secretary of State must ensure that the Crown does not dispose of any of the shares it holds in the designated company unless he is satisfied that a scheme is in place to ensure the completion of any project which--
(a) concerns the development of major facilities connected with air traffic services, and
(b) was commissioned before the coming into force of this section by the CAA or a company wholly owned by the CAA.'.
Amendment No. 397, in page 32, line 16, leave out subsection (4).
Amendment No. 455, in page 32, line 33, after "subsection", insert "(2A),".
Amendment No. 456, in page 32, line 35, after "subsection", insert "(2A),".
Amendment No. 396, in page 32, line 37, leave out subsection (9).
Amendment No. 426, in clause 50, page 32, line 39, leave out subsections (1) to (3) and insert--
'(1) The Secretary of State, with the approval of the Treasury, may make loans of such amounts as he thinks fit to a company which is wholly owned by the Crown and to which any property rights or liabilities are transferred under a transfer scheme.'
Amendment No. 444, in page 32, line 39, leave out subsections (1) to (3) and insert--
'(1) The Secretary of State, with the approval of the Treasury, may make loans of such amounts as he thinks fit to a not for profit company to which any property rights or liabilities are transferred under a transfer scheme.'.
Amendment No. 427, in clause 51, page 33, line 29, leave out subsections (1) to (3) and insert--
'(1) The Secretary of State or the Treasury, may guarantee the discharge of any financial obligation of a company (the transferee) which is wholly owned by the Crown and to which any property rights are transferred under a transfer scheme.'.
Amendment No. 445, in page 33, line 29, leave out subsections (1) to (3) and insert--
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