Hold on a sec. Because of the confusing way squadrons are written, in the latest version the entire section has been reworded, taking the newer rules into account. These are the proposed rules currently going through the editorial process for the next update of the rules:
Squadrons may be formed from any mix of capital ships, or Light Cruisers and Escorts.
Leadership is rolled for each capital ship, then squadrons are formed, then leadership is rolled for all the escorts in the squadron. The highest leadership is used for taking orders affecting the entire squadron.
All ships must stay in formation. If not in formation, none of the ships may take any special orders (not even BFI), and if not in formation at the end of the movement phase, any Lock On orders are cancelled. This is a heavy penalty for dropping out of formation. It also eliminates the assumption that just one ship will be out of formation in the official rules.
Capital ships may go on special orders individually, subject to the penalties of not remaining in formation. The squadron may take a command check using the highest leadership in the squadron (escorts ignored if cap ships present) to go on special orders as long as no vessel in the squadron is on special orders already, and this is the only way escorts can go on orders.
The shooting at/by squadrons remains largely the same, but reworded in places.