# The Public Airport Companies (Capital Finance) (Fourth Amendment) Order 1993, Note: Explanatory note


(This note is not part of the Order)
This Order further amends the Public Airport Companies (Capital Finance) Order 1990. That Order set out the effects of the capital financing transactions of public airport companies and their subsidiaries for the local authority which is the “controlling authority”.
The principal changes are to exclude from those liabilities which fall to be calculated for the purpose of determining any increase or decrease in the liabilities of a controlling authority as between one year and the next (for which credit cover is required or an entitlement to additional credit allowance is created)–
(1) liabilities owed to a principal council which on or after 17th December 1993 transfers all of its share in the equity share capital of a public airport company to a person which is not a local authority or a company or trust under the control or subject to the influence of a local authority, and
(2) liabilities owed to such a person by reason of his holding a share in the equity share capital of a public airport company or of a subsidiary of such a company issued to such a person on or after 17th December 1993 or transferred to such a person from the controlling authority or a constituent council of that authority on or after that date (article 2(5)).
East Midlands International Airport plc is deleted from the Schedule (article 2(6)).

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Source: https://www.legislation.gov.uk/uksi/1993/2875/note (the official version)
Page: https://openlegislation.uk/public-airport-companies-capital-finance-fourth-amendment-order-1993/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.