The Secretary of State1 may direct a principal council2 which controls an airport to form a company to operate the airport as a commercial undertaking3, if the annual turnover4 of that airport exceeds £1 million for at least two of the last three financial years prior to the direction5. Where such a company has been formed, the principal council must prepare a scheme providing for the transfer to the company of any property, rights or liabilities which it appears to the council to be appropriate to
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