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The Railtrack Group PLC (Target Investment Limit) Order 1996

S.I. 1996/2551 · Made 8 October 1996

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

TRANSPORT

RAILWAYS

Made 8th October 1996

Laid before Parliament 14th October 1996

Coming into force 4th November 1996

Whereas Railtrack Group PLC is an operating company within the meaning of section 101 of the Railways Act 1993f1 and ceased to be a public sector railway company within the meaning of that section on 20th May 1996;

And whereas the Government shareholding in Railtrack Group PLC at the time when the following Order is made comprises shares carrying 0.8 per cent. of the voting rights which are exercisable in all circumstances at general meetings of the company;

And whereas no previous order has been made fixing a target investment limit in relation to that Government shareholding:

Now, therefore, the Secretary of State, in exercise of the powers conferred by section 101(1) of the Railways Act 1993, and with the consent of the Treasuryf2, hereby makes the following Order:-

Annotations to the whole text

Footnotes

f1

1993 c. 43.

f2

See section 101(9).

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Railtrack Group PLC (Target Investment Limit) Order 1996 and shall come into force on 4th November 1996.

2

The target investment limit for the Government shareholding in Railtrack Group PLC shall be 1.25 per cent. of the voting rights which are exercisable in all circumstances at general meetings of the company.

Signature

George Young

Secretary of State for Transport

2nd October 1996

We consent,

Roger Knapman

Bowen Wells

Two of the Lords Commissioners of Her Majesty’s Treasury

8th October 1996

Explanatory note

(This note is not part of the Order)

This Order fixes for the first time the target investment limit for the Government’s shareholding in Railtrack Group PLC (“Railtrack”). The limit is expressed as a proportion of the voting rights which are exercisable in all circumstances at general meetings of Railtrack.