Article 2

The Public Airport Companies (Capital Finance) Order 1990^f1 shall be amended as follows—

(1)

In article 1(2)—

(a)

in the definition of “controlling authority” there shall be added after the expression “1986”—

“subject, however, to paragraph (3) of this article”;

(b)

before the definition of “current assets” there shall be added—

““controlling authority” in relation to a subsidiary of a public airport company means the controlling authority of that company;”

(2)

For article 2(5) there shall be substituted—

“(5)

In this article “liabilities”, in relation to a public airport company or any subsidiary of such a company, do not include—

(a)

any liabilities owed—

(i)

to the controlling authority,

(ii)

to a constituent council of the controlling authority, or

(iii)

to or by the public airport company by or to any subsidiary of that company, or

(b)

any provisions for—

(i)

pensions and similar obligations, or

(ii)

taxation.”

Annotations

Footnotes

f1: S.I. 1990/719