Section 3 Consequential provisions as to operating company.

1)—(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(4)

No petition shall be presented for the winding up of the operating company on the ground that the number of its members is less than the number required by law, nor shall any person be liable on that ground as a member of the company for the payment of any of its debts.

C1(5)

Any dividends paid by the operating company on or after the appointed day on the shares transferred by this act shall be paid into the Exchequer . . . F2

Annotations

Textual amendments

F1: S. 3(1)–(3) repealed by Statute Law (Repeals) Act 1981 (c. 19), Sch. 1 Pt. XII
F2: Words repealed by Statute Law Revision Act 1963 (c. 30) and National Loans Act 1968 (c. 13), Sch. 6 Pt. I

Modifications

C1: S. 3(5) restricted by British Telecommunications Act 1981 (c. 38, SIF 96), s. 79(1)