Aircraft and Shipbuilding Industries Act 1977 (repealed) (1977 c. 3)

PART I The Corporations

Constitution and functions

1 British Aerospace and British Shipbuilders.

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Powers of the Corporations.

4 Corporations to give effect to directions of Secretary of State.

4A Organisation of British Shipbuilders’ activities.

4B Discontinuance and restriction of British Shipbuilders activities.

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Machinery for settling terms and conditions of employment et ceteralaetc.

7 Formulation of the Corporations’ policies and plans and conduct of their operations.

8 Furnishing and publication of information by the Corporations.

9 Control by Corporations of wholly owned subsidiaries.

Financial provisions

10 Financial duties of the Corporations.

11 Borrowing powers of the Corporations and their wholly owned subsidiaries.

12 Loans by the Secretary of State to the Corporations.

13 Treasury guarantees.

14 Transfer to Corporations of rights and obligations with respect to certain government loans.

15 The commencing capital of each Corporation.

16 Public dividend capital and public dividends.

17 Accounts and audit.

18 Annual report.

Part II Vesting of Securities and other Assets in the Corporations and acquired Companies

Acquisition of securities and assets

19 Vesting in British Aerospace or British Shipbuilders of securities of Scheduled companies.

20 Vesting in acquired company of certain assets of privately-owned companies in same group.

21 Certain loans from associated persons to be treated as securities.

22 Determination of rights to require the issue of securities or to nominate directors.

Payments of dividend and interest

23 Control of dividends and interest.

24 Permitted dividends and interest.

25 Final payments of dividend and interest.

Safeguarding of assets, avoidance of certain transactions, et ceteralaetc.

26 Power to acquire securities of certain additional companies.

27 Removal of company from companies to be acquired.

28 Prohibition of transfer of certain works.

29 Recovery of assets transferred away.

30 Dissipation of assets by transactions involving holders of securities et ceteralaetc.

31 Onerous transactions: disclaimer and recovery of losses.

32 Provisions supplementary to section 31.

33 Supplementary provisions relating to dissipation of assets.

34 Approvals and undertakings given before passing of Act.

Compensation

35 Compensation for vesting of securities.

36 Payment of compensation.

37 Base value of securities of a listed class.

38 Base value of other securities.

39 The appropriate deduction.

40 General provisions as to compensation stock.

41 Stockholders’ representatives.

Part III Miscellaneous and General

Arbitration and the Arbitration Tribunal

42 The arbitration tribunal.

43 Scottish proceedings.

44 Staff and expenses of arbitration tribunal.

The Corporations

45, 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

47 Right of persons to object to practices of British Shipbuilders or their wholly owned subsidiaries.

48 Duty of the Corporations to consult et ceteralaetc. with Northern Ireland state-controlled bodies.

Pensions et ceteralaetc.

49 Provisions as to pension rights.

49 Provisions as to pension rights.

50 Compensation for loss of employment, emoluments or pension rights.

50 Compensation for loss of employment, emoluments or pension rights.

Information

51 Furnishing of information to the Secretary of State.

52 Restriction on disclosure of information.

Liabilities, et ceteralaetc.

53 Liabilities of Corporations et ceteralaetc.

General

54 Service of notices.

55 Administrative expenses.

56 Interpretation.

57 Short title and extent.

SCHEDULES

SCHEDULE 1 Aircraft Industry

Part I Companies whose Securities are to Vest in British Aerospace

Part II Qualifying Conditions

SCHEDULE 2 Shipbuilding Industry

Part I Companies whose Securities are to Vest in British Shipbuilders

Shipbuilding companies

Companies manufacturing slow speed diesel marine engines

Training companies

Part II Qualifying Conditions

SCHEDULE 3 Vesting of Assets of Undertakings in Acquired Companies

SCHEDULE 4 Acquisition of Certain Assets

SCHEDULE 5 Satisfaction of Compensation by Issue of Compensation Stock

SCHEDULE 6 Provisions as to Office of Stockholders’ Representative, Meetings of Holders of Securities and Incidental Matters

Appointment and tenure of office

Meetings of holders of securities

Procedure at meetings

Service of documents

Supplementary

APPENDIX

Appointment of proxy for voting

SCHEDULE 7 Procedure Etc. of Arbitration Tribunal

Part I Proceedings other than Scottish Proceedings

Part II Scottish Proceedings

Part III All Proceedings