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CHAPTER III |
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LONDON REGIONAL TRANSPORT |
| Powers of disposal. |
169. - (1) Section 9 of the London Regional Transport Act 1984 (powers of disposal) shall be amended as follows.
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(2) In subsection (1)(a) (power to dispose of securities of one of their subsidiaries) for "one of their subsidiaries" there shall be substituted "any subsidiary of theirs".
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(3) At the end of the section there shall be added-
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"(8) In this section-
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"disposal" means disposal- |
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(a) by way of sale, exchange or lease,
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(b) by way of the grant of any option or the creation of any easement, right or privilege, or
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(c) in any other manner, except by way of appropriation or mortgage,
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and "dispose of" shall be construed accordingly; |
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"lease" includes an underlease and an agreement for a lease or underlease, but does not include an option to take a lease or a mortgage." |
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| Power to give guarantees. |
170. - (1) Section 17 of the London Regional Transport Act 1984 (power of London Regional Transport to give financial assistance to subsidiaries and other bodies or persons) shall be amended as follows.
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(2) In subsection (2) after "section 3(2)" there shall be inserted "or (2A)".
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(3) After subsection (3) there shall be inserted-
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"(3A) London Regional Transport may enter into arrangements with another person under which that person gives a guarantee which London Regional Transport has power to give under this section.
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(3B) Where London Regional Transport enters into arrangements by virtue of subsection (3A) above, the arrangements may provide for London Regional Transport to indemnify the person who gives the guarantee."
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| Supplementary provisions with respect to transfer schemes. |
171. - (1) Section 27 of the London Regional Transport Act 1984 (supplementary provisions with respect to transfer schemes) shall be amended as follows.
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(2) In subsection (9) (modifications of Schedule 4 to the Transport Act 1968 in its application by subsection (8)) the word "and" at the end of paragraph (a) shall be omitted and after that paragraph there shall be inserted-
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"(aa) the reference in paragraph 1(1) to all property, rights and liabilities comprised in a specified part of the transferor's undertaking shall be read as including a reference to all such property, rights and liabilities subject to such exceptions as may be specified or described, or otherwise provided for, by the transfer scheme in question; |
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(ab) the reference in paragraph 13(1) to requiring the consent or concurrence of any person shall be read as including- |
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(i) a reference to being (and, where applicable, continuing after the transaction) in breach of any condition, requirement or restriction, and
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(ii) a reference to any relevant right or option operating or becoming exercisable,
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(and any such relevant right or option shall accordingly have effect as if the transferee were the same person in law as the transferor and no transaction had taken place); and". |
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(3) After subsection (9) there shall be inserted-
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"(10) In subsection (9)(ab) above "relevant right or option" means any right of reverter, right of pre-emption, right of forfeiture, right of re-entry, right to compensation, option or similar right affecting any land or other property, or any right to terminate or vary a contract.".
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