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Revised Statute from The UK Statute Law Database

Aircraft and Shipbuilding Industries Act 1977 (c. 3)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.

There are effects on this legislation that have not yet been applied to SLD for the following years: 2003, 2004, 2005, 2006, 2008 and 2009. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Aircraft and Shipbuilding Industries Act 1977

1977 CHAPTER 3

Contents

Go to Preamble

  1. PART I

    The Corporations

    1. Constitution and functions

      1. 1. British Aerospace and British Shipbuilders

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

      3. 3. Powers of the Corporations

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

      5. 4A. Organisation of British Shipbuilders’ activities

      6. 4B. Discontinuance and restriction of British Shipbuilders activities

      7. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 6. Machinery for settling terms and conditions of employment etc

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

      10. 8. Furnishing and publication of information by the Corporations

      11. 9. Control by Corporations of wholly owned subsidiaries

    2. Financial provisions

      1. 10. Financial duties of the Corporations

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

      3. 12. Loans by the Secretary of State to the Corporations

      4. 13. Treasury guarantees

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

      6. 15. The commencing capital of each Corporation

      7. 16. Public dividend capital and public dividends

      8. 17. Accounts and audit

      9. 18. Annual report

  2. Part II

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

    1. Acquisition of securities and assets

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

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

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

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

    2. Payments of dividend and interest

      1. 23. Control of dividends and interest

      2. 24. Permitted dividends and interest

      3. 25. Final payments of dividend and interest

    3. Safeguarding of assets, avoidance of certain transactions, etc

      1. 26. Power to acquire securities of certain additional companies

      2. 27. Removal of company from companies to be acquired

      3. 28. Prohibition of transfer of certain works

      4. 29. Recovery of assets transferred away

      5. 30. Dissipation of assets by transactions involving holders of securities etc

      6. 31. Onerous transactions: disclaimer and recovery of losses

      7. 32. Provisions supplementary to section 31

      8. 33. Supplementary provisions relating to dissipation of assets

      9. 34. Approvals and undertakings given before passing of Act

    4. Compensation

      1. 35. Compensation for vesting of securities

      2. 36. Payment of compensation

      3. 37. Base value of securities of a listed class

      4. 38. Base value of other securities

      5. 39. The appropriate deduction

      6. 40. General provisions as to compensation stock

      7. 41. Stockholders’ representatives

  3. Part III

    Miscellaneous and General

    1. Arbitration and the Arbitration Tribunal

      1. 42. The arbitration tribunal

      2. 43. Scottish proceedings

      3. 44. Staff and expenses of arbitration tribunal

    2. The Corporations

      1. 45, 46... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

      3. 48. Duty of the Corporations to consult etc. with Northern Ireland state-controlled bodies

    3. Pensions etc

      1. 49. Provisions as to pension rights (E+W+S)

      2. 49. Provisions as to pension rights (N.I.)

      3. 50. Compensation for loss of employment, emoluments or pension rights (E+W+S)

      4. 50. Compensation for loss of employment, emoluments or pension rights (N.I.)

    4. Information

      1. 51. Furnishing of information to the Secretary of State

      2. 52. Restriction on disclosure of information

    5. Liabilities, etc

      1. 53. Liabilities of Corporations etc

    6. General

      1. 54. Service of notices

      2. 55. Administrative expenses

      3. 56. Interpretation

      4. 57. Short title and extent

  4. SCHEDULE 1

    Aircraft Industry

  5. SCHEDULE 2

    Shipbuilding Industry

  6. SCHEDULE 3

    Vesting of Assets of Undertakings in Acquired Companies

  7. SCHEDULE 4

    Acquisition of Certain Assets

  8. SCHEDULE 5

    Satisfaction of Compensation by Issue of Compensation Stock

  9. SCHEDULE 6

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

  10. SCHEDULE 7

    Procedure Etc. of Arbitration Tribunal

An Act to provide for the establishment of two bodies corporate to be called British Aerospace and British Shipbuilders, and to make provision with respect to their functions; to provide for the vesting in British Aerospace of the securities of certain companies engaged in manufacturing aircraft and guided weapons and the vesting in British Shipbuilders of the securities of certain companies engaged in shipbuilding and allied industries; to make provision for the vesting in those companies of certain property, rights and liabilities; to provide for payments to British Aerospace and its wholly owned subsidiaries, for the purpose of promoting the design, development and production of civil aircraft; and for connnected purposes.

[17th March 1977]

Annotations:

Commencement Information

I1Act wholly in force at Royal Assent, but see ss. 19 and 56 for minor variations.

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