Transport Bill — Transfer to be to company owned by Crown — 9 May 2000

As amended in the Standing Committee, considered.

(a) has been formed and registered under the Companies Act 1985 or the Companies (Northern Ireland) Order 1986; and

(b) is wholly owned by the Crown.

(2) For the purposes of this Part a company shall only be regarded as wholly owned by the Crown if each of the issued shares of the company is held by--

(a) the Treasury,

(b) the Secretary of State, or

(c) the nominee of a person falling within paragraph (a) or (b).

(3) A company to which any property, rights or liabilities have been transferred under a transfer scheme shall not issue any shares or share rights unless such shares or share rights are issued to the Treasury, the Secretary of State or a nominee of either of them.

(4) Subject to subsection (5), neither the Treasury, the Secretary of State nor a nominee of either of them shall dispose of any shares or share rights in a company to which any property, rights or liabilities have been transferred under a transfer scheme.

(5) Subsection (4) does not apply to any disposal by the Treasury, the Secretary of State or a nominee or either of them to any other such person.'.-- [Mrs. Dunwoody.]

Brought up, and read the First time.

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 --

If the government had decided to adopt this trust model, I doubt there would have been any opposition from the CAA or NATS.

Staff shares can only be sold to other staff or a staff trust.

in spite of the protestations of the airlines that "safety [is] our most important priority . . . [we] do not seek competitive advantage as far as safety is concerned", concern remains that in the event of conflict between safety considerations and profit margins, airlines may favour their profit margins.

some things . . . are too important to leave to bodies whose first motive is profit and whose first fiduciary duty is to their shareholders.

Our air is not for sale.

the worst of all the possible options.

our air is not for sale

the Council believes they will preserve the successful civil/military relationship that currently exists between NATS and the MOD and ensure that air traffic services are sustained on a joint and integrated basis . . .

Question put, That the clause be read a Second time:--

The House divided: Ayes 99, Noes 307.

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