If any property, rights or liabilities are transferred under a transfer scheme1 to a transferee2 which at the time of the transfer is:
(1) a company3 which is wholly owned by the Crown4;
(2) a company which is wholly owned by the Civil Aviation Authority ('CAA')5; or
(3) a company which is a wholly owned subsidiary6 of a company falling within head (1) or head (2) above7,
the Secretary of State8 may give a direction requiring the transferee to issue to the appropriate person9 such securities of the transferee as are specified in the direction, and to do so at
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