Change 1 Article Choose an article Title and introductory text 1 Secretary of State’s general duty. 2 CAA’s general duty. 3 Restrictions on providing services. 4 Exemptions. 5 Licences: general. 6 Licences: grant. 7 Licences: provisions. 8 Duties of licence holders. 9 Power to exclude services from effect of section 8. 10 Breach of duties or conditions. 11 Modification of a licence 11A Modification of licence: procedure 11B Restrictions on power to modify licence conditions 12 References to Competition and Markets Authority. 12A References under section 12: time limits 12B References under section 12: application of Enterprise Act 2002 13 Reports on references. 14 Modification following report. 15 CMA's power to give direction. 16 Position where CMA gives direction. 17 CMA's duty as to modifications under section 16. 18 Sections 15 and 16: general. 19 Modification by order under other enactments. 19A Appeal to Competition and Markets Authority 19B When appeals may be allowed 19C Determination of appeal 19D Determination of appeal: time limits 19E Determination of appeal: publication etc 19F Procedure on appeals 20 Enforcement 21 Exceptions. 22 Procedural requirements. 23 Validity of orders. 24 Effect of orders. 25 Power to obtain information 25A Imposing penalties 25B Recovering penalties 25C Statement of policy on penalties 26 Protection of licence companies etc. 27 Duty to make order. 28 Power to make order. 29 Air traffic administration orders. 30 Petitions and orders: supplementary. 31 Government financial help. 32 Guarantees under section 31. 33 Northern Ireland. 34 Investigations. 35 Register. 36 Land. 37 Licence holders as statutory undertakers. 38 Directions in interests of national security etc. 39 Directions relating to the environment. 40 Interpretation. 40A Connected persons 41 Meaning of transfer scheme. 42 Transfer schemes: supplementary. 43 Transfer schemes made by CAA. 44 Effect of scheme made by CAA. 45 Transfer schemes made by Secretary of State. 46 Information for purposes of section 45. 47 Accounting provisions. 48 Accounting provisions: interpretation. 49 Issue of securities. 50 Government investment in securities. 51 Crown shareholding. 52 Loans. 53 Guarantees. 54 Grants. 55 Trustee investments. 56 Shadow directors. 57 Extinguishment of liabilities. 58 Securities to be issued. 59 Securities: other provisions. 60 Enforcement of certain obligations. 61 Special provisions about land. 62 Exercise of functions through nominees. 63 Further provisions about transfer schemes. 64 Tax. 65 Interpretation. 66 Air navigation: directions. 67 National security. 68 Directions: further provision. 69 Directions: supplementary. 70 General duty. 71 Information for purposes of Chapter III. 72 Interpretation. 73 Charges for services. 74 Publication, commencement, amendment and revocation. 75 Specifications: supplementary. 76 Liability, recovery etc. 77 Chargeable air services. 78 Amounts for recovery etc. 79 Further duties of the CAA. 80 Secretary of State’s duties. 81 Records. 82 Offences. 83 Detention and sale. 84 Interpretation. 85 Interpretation of Chapter V. 86 Functions exercisable by CAA and CMA 87 CAA’s 2002 Act functions. 88 CAA’s 1998 Act functions. 89 Carrying out functions. 90 Publication of information and advice. 91 Review and information. 92 Secretary of State’s directions to CAA. 93 Control in time of hostilities etc. 94 Orders for possession of aerodromes etc. 95 Sections 93 and 94: interpretation. 96 Civil Aviation Authority Pension Scheme. 97 Amendments. 98 Air traffic services. 99 The CAA. 100 Service of documents. 101 Making of false statements etc. 102 Disclosure of information. 103 Orders and regulations. 104 Directions. 105 Crown application. 106 The Crown: other provisions. 107 Extension outside United Kingdom. 108 Local transport plans. 109 Further provision about plans: England 109ZA Combined authorities and combined county authorities: adoption of local transport plans 109A Approval of plans: Wales 109B Further provision about plans: Wales 109C Transitional provisions: Wales 110 Bus strategies. 111 Consultation and publicity about bus strategies. 112 Plans and strategies: supplementary. 113 Role of councils in relation to policies etc of ITAs, combined authorities & CCAs 113A Modification of provisions about plans and strategies: Wales 113B Directions concerning plans and strategies: Wales 113BA Bus network accessibility plans 113C Advanced quality partnership schemes 113D Advanced quality partnership schemes: registration restrictions 113E Advanced quality partnership schemes: facilities, measures and standards 113F Advanced quality partnership schemes: traffic regulation orders 113G Notice and consultation requirements 113H Making of scheme 113I Postponement of scheme or of provision of particular facilities, taking of particular measures or provision of particular standards of service 113J Effect of scheme 113K Regulations about schemes involving existing facilities or measures which are already in effect 113L Variation or revocation of schemes 113M Variation: supplementary 113N Regulations about schemes 113O Guidance about schemes 114 Quality partnership schemes. 115 Notice and consultation requirements. 116 Making of scheme. 117 Postponement of scheme or of provision of particular facilities or standards of service 118 Effect of scheme. 119 Regulations about schemes involving existing facilities. 120 Variation or revocation of schemes. 121 Variation: supplementary. 122 Regulations about schemes. 123 Guidance about schemes. 123A Franchising schemes 123B Assessment of proposed scheme 123C Notice of assessment 123D Report on assessment of proposed scheme 123E Consultation 123F Consultation document 123G Response to consultation 123H Making and publication of scheme 123I Postponement of local service contracts 123J Effect of local service contracts: registration requirements and provision of services 123K Local service contracts 123L Exceptions to section 123K 123M Variation of scheme 123MA Variation of scheme: supplementary 123N Revocation of scheme 123O Interim services and replacement services 123P Service permits 123Q Application for service permit 123R Conditions 123S Revocation and suspension 123T Appeals 123U Regulations about schemes 123V Transitional provision about schemes 123W Guidance about schemes 123X Local service contracts: application of TUPE 124 Quality contracts schemes. 125 Notice and consultation requirements. 126 Approval of proposed schemes for areas in Wales 126A Boards for proposed schemes for areas in England 126B Advice by boards or their Commissioners 126C Requests for boards to begin consideration etc of proposed schemes 126D Consideration of proposed schemes by boards 126E Practice and procedure of boards 127 Making of scheme. 127A Appeals against the making of schemes for areas in England 127B Powers of the Transport Tribunal on an appeal under section 127A 128 Postponement of scheme. 129 Effect of scheme. 130 Tendering for quality contracts. 131 Exceptions from section 130. 131A Continuation of schemes for further periods 131B Meaning of “exempt continuation proposal” 131C Continuation of schemes for areas in England: procedure 131D Continuation of schemes for areas in Wales: procedure 131E Appeals where proposed continuation considered exempt 131F Appeals where proposed continuation considered non-exempt 132 Variation or revocation of scheme. 132A Appeals where proposed variation considered exempt 132B Exemption from s.132 for specific variations directed by Tribunal 132C Power of authorities to provide services in exceptional circumstances 132D Period for which interim service may be provided 133 Regulations about schemes. 134 Transitional provision about schemes. 134A Guidance about schemes 134B Quality contracts: application of TUPE 134C Advanced ticketing schemes 134D Notice and consultation requirements 134E Making of scheme 134F Effect of scheme 134G Guidance 135 Joint and through ticketing schemes. 136 Notice and consultation requirements. 137 Making of scheme. 138 Effect of scheme. 138A Enhanced partnership plans and schemes 138B Further parties to a scheme 138C Requirements in respect of local services 138CA Requirements enabling travel by persons with disabilities 138D Facilities and measures 138E Provision relating to variation or revocation 138F Preparation, notice and consultation 138G Making of plans and schemes 138H Content of scheme 138I Postponement of scheme or part of scheme 138J Effect of plans and schemes 138K Variation 138KA Variation where scheme includes provision under section 138E 138L Variation: preparation, notice and consultation 138M Variation: making the variation 138N Variation: supplementary 138O Revocation 138P Regulations about plans and schemes 138Q Transitional provision about schemes 138R Guidance about plans and schemes 138S Application of TUPE 139 Information about bus services. 140 Duty of authority to make information available. 141 Bus information: supplementary. 141A Power to require provision of information about English bus services 142 Traffic regulation conditions to reduce or limit pollution. 143 Power to obtain information about local services. 143A Power to obtain information: franchising schemes 143B Power to obtain information about local services: enhanced partnership schemes 144 Civil penalties for bus lane contraventions. 144A Power of local transport authorities to make bus byelaws 144B Byelaws: procedure 144C Byelaws: copies and evidence 144D Powers of authorised persons in relation to byelaws 144E Fixed penalty notices 144F Training about crime and anti-social behaviour 144G Application of training requirement: services in Wales 145 Mandatory concessions outside Greater London. 145A England: mandatory concessions for journeys not beginning on the London bus network 145B Wales: mandatory concessions 146 Mandatory concessions: supplementary. 147 Wales: variation of mandatory concessions 148 Enforcement. 149 Reimbursement of operators. 150 Procedure for reimbursement arrangements determined by authority. 151 Concessions in Greater London. 151A Use of zero-emission vehicles for local services in England 152 Agreements providing for service subsidies. 153 Competition test: functions and agreements relating to buses 154 Grants to bus service operators. 154A Grants by local transport authorities in England 155 Sanctions 156 Non-metropolitan transport grants. 157 Grants to Integrated Transport Authorities , combined authorities and combined county authorities 158 Repayment of grants towards bus fuel duty. 159 Abolition of financial plans of Passenger Transport Executives. 160 Part II: regulations and orders. 161 Part II: minor and consequential amendments. 162 Interpretation of Part II. 163 Preliminary. 164 Local charging schemes. 165 Joint local charging schemes. 165A Joint local-ITA charging schemes 166 Joint local-London charging schemes. 166A Joint ITA-London charging schemes 167 Trunk road charging schemes. 168 Charging schemes to be made by order. 169 Confirmation of charging schemes. 170 Charging schemes: consultation and inquiries. 171 Matters to be dealt with in charging schemes. 172 Charging schemes: supplementary provision as to contents 172A Suspension of charging schemes 173 Penalty charges. 174 Examination, entry, search and seizure. 175 Immobilisation etc. 176 Equipment etc. 177 Traffic signs. 177A Power to require information 178 Preliminary. 179 Local licensing schemes. 180 Joint local licensing schemes. 181 Joint local-London licensing schemes. 182 Workplace parking places. 183 Licensing schemes to be made by order. 184 Confirmation of licensing schemes. 185 Licensing schemes: consultation and inquiries. 186 Matters to be dealt with in licensing schemes. 187 Licensing schemes: exemptions etc. 188 Licences. 189 Penalty charges. 190 Rights of entry. 191 Financial provisions about schemes. 192 Powers of authorities. 193 Guidance. 194 Information. 195 Determination of disputes, appeals and evidence. 196 Crown application. 197 Part III: regulations and orders. 198 Interpretation of Part III. 199 Amendments of Greater London Authority Act. 200 Exemption from local non-domestic rating. 201 The Authority. 202 Membership and chairing. 203 Other senior appointments. 204 Further provisions. 205 Purposes. 206 Strategies. 207 Manner of exercise of functions. 208 Directions, guidance and advice by Scottish Ministers. 209 Directions, guidance and advice: supplementary. 210 Validity of transactions. 211 Financial assistance etc. 212 Securing of services by franchising. 213 Limited additional powers to provide railway services. 214 Securing provision of substitute bus and taxi services. 215 Assumption of functions of Franchising Director. 216 Assumption of certain functions of the Office of Rail and Road. 217 Assumption of Board’s functions relating to transport police. 218 Functions relating to Board’s property. 219 Power to make bye-laws. 220 Power to make transfer schemes. 221 Power to promote and oppose Bills. 222 Other incidental powers. 223 Regulator’s power to require provision etc. of railway facilities. 224 Amendment of objectives. 225 Penalties. 226 Orders for securing compliance. 227 Renaming of committees. 228 Extension of functions. 229 Financial and procedural changes. 230 Regulator’s general approvals of access agreements etc. 231 Review of access charges by Regulator. 232 Amendment of access agreements. 233 Prospective facility owners, proposed facilities etc. 240 Transfer of Board’s property etc. to Secretary of State. 241 Winding down and abolition of Board. 242 Licence modifications following Competition Commission report. 243 Competition functions of Regulator. 244 Authority’s duty to continue Board’s practice of indexation. 245 Amendments of pension protection provisions. 246 Passenger Transport Executives. 247 Standards. 248 Substitute services to be suitable for disabled passengers. 249 Freight assistance by Scottish Ministers and Welsh Assembly. 250 Taxation of transfers. 251 Abolition of requirements for Treasury approval. 252 Part IV: minor and consequential amendments. 253 Part IV: transitionals and savings. 254 Interpretation of Part IV. 255 Charge for whole duration of works. 256 Charges where works unreasonably prolonged. 257 Compulsory driver training courses. 258 Register of approved instructors: destination of appeals. 259 Taking effect of decisions about instructors. 260 Training and instructors: minor and consequential amendments. 261 Increase of fine for breach of obligation to hold operator’s licence. 262 Detention of vehicle used without operator’s licence. 264 Type approval: individual exemptions. 265 Vehicles subject to regulation as private hire vehicles. 266 Power to prohibit driving of vehicle. 267 London service permits: appeals. 268 Quiet lanes and home zones. 270 School crossing patrols. 271 Stands etc. for bicycles or motor cycles. 272 Financial assistance for inland waterway and sea freight. 273 Offences: general. 274 Repeals and revocations. 275 Commencement. 276 Transitionals and savings. 277 Power to make amendments. 278 Financial provision. 279 Extent. 280 Short title. SCHEDULE A1 Appeals under section 19A SCHEDULE B1 Enforcement of duties under section 8 and licence conditions SCHEDULE C1 Information SCHEDULE 1 Air traffic administration orders: general SCHEDULE 2 Air traffic administration orders: schemes SCHEDULE 3 Air traffic administration orders: Northern Ireland SCHEDULE 4 Licence holders: land SCHEDULE 5 Licence holders as statutory undertakers SCHEDULE 6 Transfer schemes SCHEDULE 7 Transfer schemes: tax SCHEDULE 8 Amendments about air traffic SCHEDULE 9 Air traffic: information Schedule 9A Procedure for varying franchising scheme SCHEDULE 10 Competition test for exercise of bus functions SCHEDULE 11 Minor and consequential amendments about local transport SCHEDULE 12 Road user charging and workplace parking levy: financial provisions SCHEDULE 13 Amendments of Schedules 23 and 24 to Greater London Authority Act SCHEDULE 16 Transfer to SRA of Franchising Director’s functions SCHEDULE 17 Transfers to SRA from the Office of Rail and Road SCHEDULE 18 Transfer to SRA of BR’s functions relating to transport police SCHEDULE 19 Transfer to SRA of BR’s property etc SCHEDULE 20 SRA bye-laws SCHEDULE 21 Transfer schemes by SRA SCHEDULE 22 Renaming of rail users’ consultative committees SCHEDULE 23 Finances and procedures of rail users’ consultative committees SCHEDULE 24 Review of access charges by Regulator SCHEDULE 25 Transfer of BR’s property etc. to Secretary of State SCHEDULE 26 Transfers: tax SCHEDULE 27 Minor and consequential amendments about railways SCHEDULE 28 Transitionals and savings about railways SCHEDULE 29 Driver training and driving instructors: minor and consequential amendments SCHEDULE 30 Detention of vehicles used without operator’s licence SCHEDULE 31 Repeals and revocations
What to do with it
As published
55 Trustee investments.
(1) This section applies if—
(a) any property, rights or liabilities are transferred under a transfer scheme to a transferee which at the time of the transfer is a company wholly owned by the Crown,
(b) at a time after the transfer the first condition (set out in subsection (2)) is satisfied, and
(c) the second condition (set out in subsection (3)) is satisfied.
(2) The first condition is that the transferee is a company whose shares or debentures are included in the Official List, within the meaning of Part IV of the Financial Services Act 1986, in pursuance of that Part.
(3) The second condition is that immediately before its shares or debentures are admitted to the Official List the transferee is wholly owned by the Crown.
(4) If this section applies, subsection (5) has effect for the purpose of applying paragraph 3(b) of Part IV of Schedule 1 to the Trustee Investments Act 1961 (dividends to be paid in each of the five years immediately preceding investment year) in relation to investment in shares or debentures of the transferee in the year of issue or any later year.
(5) The transferee must be taken to have paid a dividend as mentioned in paragraph 3(b)—
(a) in every year which precedes the year of issue and which is included in the relevant five years, and
(b) in the year of issue, if it is included in the relevant five years and the transferee does not in fact pay such a dividend in that year.
(6) For the purposes of this section—
(a) the year of issue is the calendar year in which shares in the transferee are first issued in pursuance of section 49;
(b) the relevant five years are the five years immediately preceding the year in which the investment in question is made or proposed to be made.
Your wording
Your change, as a redline
55 Trustee investments.
(1) This section applies if—
(a) any property, rights or liabilities are transferred under a transfer scheme to a transferee which at the time of the transfer is a company wholly owned by the Crown,
(b) at a time after the transfer the first condition (set out in subsection (2)) is satisfied, and
(c) the second condition (set out in subsection (3)) is satisfied.
(2) The first condition is that the transferee is a company whose shares or debentures are included in the Official List, within the meaning of Part IV of the Financial Services Act 1986, in pursuance of that Part.
(3) The second condition is that immediately before its shares or debentures are admitted to the Official List the transferee is wholly owned by the Crown.
(4) If this section applies, subsection (5) has effect for the purpose of applying paragraph 3(b) of Part IV of Schedule 1 to the Trustee Investments Act 1961 (dividends to be paid in each of the five years immediately preceding investment year) in relation to investment in shares or debentures of the transferee in the year of issue or any later year.
(5) The transferee must be taken to have paid a dividend as mentioned in paragraph 3(b)—
(a) in every year which precedes the year of issue and which is included in the relevant five years, and
(b) in the year of issue, if it is included in the relevant five years and the transferee does not in fact pay such a dividend in that year.
(6) For the purposes of this section—
(a) the year of issue is the calendar year in which shares in the transferee are first issued in pursuance of section 49;
(b) the relevant five years are the five years immediately preceding the year in which the investment in question is made or proposed to be made.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.