Article 1 Citation, commencement and interpretation

This Order may be cited as the Public Airport Companies (Capital Finance) Order 1990 and shall come into force on 1st April 1990.

In this Order,

• “the Act” means the Local Government and Housing Act 1989;

• “constituent council” shall be construed in accordance with section 16(2) of the Airports Act 1986^f1;

• “controlling authority” in relation to a public airport company has the same meaning as in section 16(2) of the Airports Act 1986;

• “current assets” shall be construed in accordance with paragraph 77 of Schedule 4 to the Companies Act 1985^f2;

• “public airport company” has the same meaning as in section 16(1) of the Airports Act 1986;

• “the relevant date”, in relation to a public airport company or any subsidiary of such a company, means—

  1. (a)

     in the financial year preceding 1st April 1990, 31st March 1990;

  2. (b)

     in any subsequent financial year if the company’s or subsidiary’s balance sheet is prepared as at a date in that year, that date, or if there is more than one such date the latest such date; and

  3. (c)

     in any other case, the last day of the financial year in question;

  unless the public airport company or subsidiary, as the case may be, ceases to be a public airport company or subsidiary of such a company in which event it means the day preceding the date of cessor; and

• “subsidiary”has the meaning given by section 736 of the Companies Act 1985.

In the case of a public airport company listed in column 1 of the Schedule to this Order a reference in this Order to the controlling authority shall have effect, except where the reference is to a constituent council of the controlling authority, as if it were a reference to the constituent council named in relation to that company in column 2 of that Schedule.