98 Initial share holding in successor companies
Railways Act 1993 (1993 c 43) | Legislation

Ownership of successor companies

98  Initial share holding in successor companies

(1)ÌýÌýÌýÌý This section applies where any property, rights or liabilities are vested in accordance with a transfer scheme in a successor company which at the time of the vesting is either—

(a)ÌýÌýÌýÌý a wholly owned subsidiary of the Board; or

(b)ÌýÌýÌýÌý Government owned.

(2)ÌýÌýÌýÌý Where this section applies, the successor company shall, as a consequence of the vesting referred to in subsection (1) above, issue to the appropriate person such securities of that company as may from time to time be directed—

(a)ÌýÌýÌýÌý by the Secretary of State,

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