Airport Authorities Act 1966

4C Specified airport companies must consult concerning capital expenditure plans

(1)

In this section,—

identified assets, in relation to a specified airport company, means the assets of that airport company in relation to identified airport activities

identified capital expenditure, in relation to a specified airport company, means capital expenditure in relation to identified airport activities

related capital expenditure, in relation to identified capital expenditure, means capital expenditure (whether paid or proposed) which relates to or is connected with that identified capital expenditure.

(2)

A specified airport company must not approve any identified capital expenditure if the amount of that identified capital expenditure (and the amount of any related capital expenditure) will, or is likely to, within the following 5 years exceed an amount which is equal to 20% of the value of the identified assets of that airport company at the commencement of the then current accounting period unless that airport company has consulted with all its substantial customers in respect of that capital expenditure (and all related capital expenditure).

(3)

A specified airport company is not required to consult under subsection (2) in respect of identified capital expenditure (or any related capital expenditure) with a substantial customer who has consented in writing (and not withdrawn that consent) to not being consulted under this section in respect of that identified capital expenditure and any related capital expenditure.

Section 4C: inserted, on 26 November 1998, by section 4(1) of the Airport Authorities Amendment Act 1997 (1997 No 90).