798. Shadow directors.

If:

  1.  

    (1)     any property, rights or liabilities are transferred under a transfer scheme1 to a transferee2 which at the time of the transfer is3:

    1.  

      (a)     a company4 which is wholly owned by the Crown5;

    2.  

      (b)     a company which is wholly owned by the Civil Aviation Authority ('CAA')6; or

    3.  

      (c)     a company which is a wholly owned subsidiary7 of a company falling within head (a) or head (b) above8; and

  2.  

    (2)     at a time after the transfer