793. Ownership of transferee companies.

(ii)     Transferee Companies

793.     Ownership of transferee companies.

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